Frequently Asked Questions
1. How long does the process take to receive a financial incentive from the City, what kind of steps are involved?
The amount of time a financial incentive takes can vary. A completed application is necessary to begin the process. The City first must receive an application with the necessary attachments.
2. What area is eligible for a CRA tax abatement?
Any property located within the City of Cincinnati that undergoes a substantial renovation or new construction is eligible to apply.
3. Can I get my existing property taxes abated with a CRA tax abatement?
The CRA tax abatement will only impact the new value created as a result of the renovation and cannot be applied to existing property.
4. What is the LEED Program?
The City of Cincinnati offers a property tax abatement for projects achieving a minimum Leadership in Energy and Environmental Design (LEED) Silver certification through the US Green Building Council. The abatement is offered for new construction or renovation of commercial or multi-unit (4 or more units) residential space. Projects must receive certification from the US Green Building Council as meeting either Silver, Gold, or Platinum LEED Standards. For more information regarding LEED standards visit: http://www.usgbc.org/leed.
5. I have already started the construction on my project, can I still qualify for a tax abatement or receive TIF funding?
To be considered for a CRA Tax Exemption, a developer must apply and be approved by the City prior to beginning any construction activities.
6. How large does a project need to be to qualify for the creation of a new TIF?
Applications for the creation of a new TIF are handled on a case by case basis but viable projects will typically exceed $5 million in real property investment.
7. What is the benefit of the Fresh Food Tax Abatement?
The Fresh Food Tax Abatement is designed specifically to address the higher costs associated with operating grocery stores in urban neighborhoods. This financial tool provides recipients with substantial savings on their property taxes, thereby lowering risk and improving cash flow.