Building or expanding a home or business in an older part of town? You may qualify for a tax abatement!
The City of Xenia has a real property tax abatement program which will provide a financial incentive for new construction or significant renovations to homes and businesses in older, established sections of the city. Called the Community Reinvestment Area (CRA), the program is part of the City’s goal to “Strengthen Our Core!”
Building a new home, store or office or investing in renovations can make real property taxes go up. A tax abatement in a CRA makes it possible for property owners to avoid all or a portion of the tax increase caused by improvements over a 10-15 year period. This can result in a significant savings to a property owner that could help to make redevelopment and building improvements more financially feasible.
CRA’s are permitted by the State of Ohio and have been used successfully by numerous communities throughout the state to attract new housing and business investment.
The City of Xenia’s new CRA encompasses downtown Xenia as well as other nearby business districts and residential areas to the east, west and south; as well as the Laynewood area (see map to right).