Cincinnati Tax Abatements… Explained!
If you’ve been living in the City of Cincinnati, chances are you’ve heard about the tax abatement for new construction and remodeled homes. But, do you really know how it works??
Paul Yankie, President & CEO of Green Building Consulting sat down with us to give us a little crash course on the tax abatement & LEED Construction and why it’s been such a driving force in the Cincinnati residential real estate market.
Paul explains it best in our chat with him, but here are the main takeaways:
- The Cincinnati Community Reinvestment Area (CRA) Residential Tax Abatement, as it’s called, offers property owners the ability to minimize tax implications when you build, add-on or invest in your home. This means that any improvements will NOT significantly add to the property tax bill. You would only pay on the amount of “pre-improvement” value, up to $275,000.
- LEED Certification: This is the secret topping to the tax abatement. Basically, LEED Building = Green Building = Energy Efficiency.The City of Cincinnati is one of the BEST places to build a LEED certified home because it saves you even more money. The higher the rating, the more money you save. LEED Silver allows for up to $400,000 abated, LEED Gold is up to $562,000 and LEED Platinum is UNLIMITED. Of course, LEED comes with it’s extra building costs, but that’s specific to the home you build and how much money you can spend!
- Find a professional (a builder or Build Collective or Green Building Consulting) that understands the tax abatement and construction process. They can help you determine what the best plan of action is for you.
Now that you’re armed with this information, doesn’t building and remodeling in the City sound that much better? Not only can you design a home specifically for you and your family, but you can save money in the process!
See How Much Money You Can Save on A New Home with Our Tax Abatement Calculator!Tax Savings Calculator Here
Want Even More In Depth Information? Visit the City of Cincinnati Site here