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To encourage redevelopment and revitalization of economically
depressed areas, government entities can offer tax abatements
on certain property renovations or new construction. To be eligible
for abatement, the property must be located in a designated community
reinvestment area. The local government approves the application
for abatement, and establishes the amount of abatement and its
duration.
Abatements are granted only on renovation, remodeling or new
construction. They do not apply to land or pre-existing structures.
Only the value of the renovation, remodeling or new construction
remains constant throughout the term of the abatement. For more
information call 937-225-6105.
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