The Community Reinvestment Area (CRA) Tax Abatement Program offers real property tax abatement on the increase in assessed valuation of commercial and industrial property resulting from improvements. The program applies to new industrial and commercial construction including additions to existing buildings.
Industrial and non-retail commercial properties are eligible for 100% tax abatement for 7 years based upon a $1,000,000 minimum yearly payroll and up to 10 years if the payroll increases by an additional $500,000 by the end of the 6th year of the abatement period.
Commercial retail properties not within the Design Control District are eligible for 50% tax abatement for 4 years based upon a $100,000 minimum yearly payroll and up to 7 years if the payroll increases by an additional $500,000 by the end of the 4th year of the abatement period.
Design Control District new construction projects are eligible for 100% tax abatement for 7 years. However, the abatement may not exceed the amount of the investment.
A Community Reinvestment Area Program Application must be submitted to the City of Tallmadge Economic Development Office prior to construction or remodeling occurring to ensure compliance with the program requirements.