Program
The Community Reinvestment Area (CRA) Program is aimed at encouraging new investment in Colerain Township through the rehabilitation and new construction of buildings and homes through property tax incentives. Property tax abatement is available for increased valuation that results from the improvements to property. The residential CRA’s goal is to stimulate rehabilitation, retain residents, and attract homeowners. Commercial CRAs are designed to facilitate the retention and expansion of businesses and the retention and creation of jobs.
Maximum Amount
The commercial/industrial CRA property tax abatement is up to 15 years for new construction or renovation, with up to a 50 % exemption and a minimum of $75,000 in costs.
The residential remodeling and new construction CRA property tax abatement has a term of 10 years, with 50% exemption. There is a minimum of $200 in costs for single family residences. Exemption value is determined by the Hamilton County Auditor’s Office.
The CRA runs along Colerain Avenue in southern Colerain Township. Please see contact information below for further information on the Colerain Township CRA boundary.
Rates/Fees
Mixed use, commercial, and industrial CRA applications have an annual fee of 1% of the annual tax exemption, but not less than $500 or more than $2,500. A $1,500 application fee is required by the Ohio Department of Development and Hamilton County Development Company.