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If you are someone who does not have plans to improve your property, you will indirectly benefit from the CRA program because it will encourage improvement of other Xenia properties as well as business attraction and expansion, which can improve the value of your property as well as Xenia’s general quality of life.
It is important to note that projects must add substantially to the taxable real property value in order to realize significant savings through an abatement. Projects involving new construction, significant expansions, and major rehabilitation (i.e. gutting/reconstructing the interior of a building) will generally add substantial taxable value. Smaller remodeling projects, such as replacing a roof, windows, siding, flooring, appliances, cabinets or furnishings may not result in any change in taxable value.