Hamilton, OH creates new tax incentive to spur investment

ARTICLE | Aug 28, 2013

The City of Hamilton is ready to receive applications fora new tax abatement program to incentivize reinvestment in the community. The Community Reinvestment Area (CRA) program is available to all for residential and commercial property improvements. "When a property owner invests a significant amount of money into their property, they are ultimately subject to an increase in property taxes," said Economic Development Specialist Stacey Dietrich-Dudas. "The CRA program gives property owners the ability to offset some of those costs."

How it works (residential, 1-4 household units)

The residential CRA program is available for renovations, building improvements, and expansions on existing structures. The minimum investment required on the property is $5,000 and the term of the tax abatement is ten years. The original taxable value, prior to the investment, will remain, and the value added by the investment in the property is what is subject to abatement. The percentage of taxes on the improvements that are exempted depends on the age of the home, and the older the structure, the greater the tax abatement. The improved property value will be determined by the Butler County Auditor. 

  • 0-24 year old structure = 50% 
  • 25-49 year old structure = 75% 
  • 50+ year old structure = 100

Property owners must submit a CRA application to the City of Hamilton Construction Services Division within 6 months of project completion.

 How it works (commercial)

The commercial CRA program is available for new construction, expansion, and building improvements on both commercial and industrial properties, including residential properties with 5 units or more. Property owners will be required to submit an application to the City of Hamilton Economic Development Department prior to construction or remodeling. Applications will be considered on a case-by-case basis and approved by Hamilton City Council. Final abatement value is determined by the Butler County Auditor.

Renovation of existing structures can be considered for a property tax abatement of up to 50% of the new value added by the investment for a term of up to 12 years. New construction can also be considered for abatement of up to 50% of the new value added by the investment, but for a term of up to 15 years.

"The goal of the CRA program is to incentivize revitalization where barriers to investment exist," said Dietrich-Dudas. "This program makes it easier to invest in Hamilton, and the larger the investment, the greater the potential savings."

For more information on the CRA program, contact the Economic Development Department at 513-785-7070, or email dietrichs@hamilton-oh.gov.

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