Community Reinvestment Area (CRA)
A CRA is a program authorized by the State of Ohio that allows a local municipality (City of Niles) to offer real property tax abatements on improved values. Tax Incentives on individual parcels relate to new construction, expansion and rehabilitation in areas throughout the city where there is a demonstrated need for reinvestment.
To learn more or ask questions about the program:
Housing Officer: 330-544-9000 ext. 1183
Application Link Coming Soon
HOW IT WORKS
- Building a new home, commercial/Industrial space, or investing in renovations can make real property taxes go up. This is because improvements to a property increase the property’s value, and real property taxes are a percentage of the taxable real property value. A real property tax abatement in a CRA makes it possible for property owners to avoid all or a portion of the tax increase caused by the improvements up to a 15 year period.
WHY IT WORKS
- The CRA is a strategic real estate tax exemption tool which allows communities and private enterprise to partner to create economic development projects that could not otherwise occur. Real property tax exemptions can be granted for an increased property valuation that results from improvements or new construction in the designated CRA.
QUALIFY FOR CRA:
- Property owners must invest at least $5,000 into the existing property or new build. To be considered for the CRA program, please submit an application to the City of Niles Housing Office prior to the start date of the construction or remodeling to ensure compliance with the program requirements. Other requirements and additional information can be found below.
The City of Niles encourages all residents & businesses to explore the program options.