Posts from May 30th, 2024
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The city of Cleveland has a new tax abatement policy. Here's what you need to know.
The city of Cleveland recently updated its residential tax abatement program. For several decades, new construction homes built in the city, including single-family homes, multi-family buildings, and condominiums, were eligible for 15 year, 100% tax abatement on the improvements, as long as they met the city's permitting and green building standards. Owners still paid taxes on the land value, however. For example, if an owner bought a lot for $50,000 and built a $300,000 home there, they would pay taxes based on $50,000 not $350,000, at least for 15 years during the tax abatement period.
Now, the city has changed that policy, lowering tax abatement in strong market areas like Ohio City or University Circle while keeping it the same in weaker market areas like Fairfax or Cla...