The city of Canton is expanding the Community Reinvestment Area Program to now include the whole city. A Community Reinvestment Area is an area of land in which a property owner can receive tax incentives for investing in real property improvements. The CRA provides temporary tax abatement of increased real property taxes on qualifying residential real property improvements within the area. This could include residential remodeling or new residential construction. Property owners or investors may qualify for the tax abatement.
This program will allow all property owners in the city to apply for a fifteen- year, 100% tax abatement.
To qualify, property owners must invest $5,000 of improvements into an existing property or build a new home. *It is important to know that you must have approval of the abatement before any work is started on your property. The tax abatement allows owners to pay taxes solely on the pre-improvement assessed value of their residential property for fifteen years after improvements are completed. Property owners will not be required to pay property taxes on any increase in value that resulted from renovation or new construction on the property for a period of fifteen years. If the property would be sold during the fifteen-year abatement period, the new owner will continue to receive the abatement.
The goal of expanding the Program’s reach is to help revitalize the city and attract new residents. Projects that may qualify a homeowner for tax abatement include: building a new porch, remodeling a basement/ attic space into living space, adding an addition, installing a sunroom, building or enlarging a garage, installing a new bathroom, etc. You can find more information on the program on the City of Canton’s website: www.cantonohio.gov, or contact Chris Hardesty, CRA Housing Officer at 330-438-4306.
Read more: http://www.newspaper-marketplace.com/canton-repository/special-section/Real-Estate/11-1-2019/Page-1#
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