INCENTIVE DESCRIPTION

State: OH
Incentive Type: Property Tax Incentives
Incentive Title: Property Tax Abatements
Description: 1. ENTERPRISE ZONES: Provides real and personal property tax abatements for businesses that expand or locate in areas designated as Ohio Enterprise Zones. The rates/terms are: up to 75% exemption in incorporated areas and up to 60% exemption in unincorporated areas on real property improvements or tangible personal property tax valuation for up to 15 years; Local school board approval is required to exceed these rates and/or term limits. Abatements apply to the increase in assessed value for real property and personal property (includes inventory) first-used by the business in Ohio. Note: Ohio Tax Reform in 2005 will phase out the personal property tax over four years and eliminate taxes on new personal property placed in service after January 1, 2005. 2. COMMUNITY REINVESTMENT AREAS: Designed to provide real-property tax incentives for residents and businesses that invest in Ohio. The investor may receive an exemption on up to 100% of the improved real property taxes for up to 15 years.
Eligibility Requirements: 1. Business must create or retain jobs within the Enterprise Zone. Tax abatements apply to industrial and commercial projects. Retail projects are eligible only in targeted areas. Business must finalize agreement to retain or create employment; establish expand, renovate or occupy a facility within an Enterprise Zone; and invest in new real and/or personal property prior to project initiation. 2. A local jurisdiction must establish the legislative authority to both evaluate a project and the rates and terms of the agreement. The incentives are available for residential, commercial and/or industrial projects. Commercial and industrial projects must have the agreement determined prior to the investment. Some agreements may require school board approval. Projects undertaken in CRA's established before 1994 do not need approval from the jurisdiction.
Geographic Restrictions: Ohio Enterprise Zones
Granting Authority: Municipality


The information which you have reviewed is a summary of the benefits and savings which may be available for your company. To receive a more detailed analysis of valuable opportunities for your company, please forward your contact information to Larry Kramer at lkramer@incentisgroup.com

Impotant Legal Information
Information is provided in summary form and should not be considered legal, investing, or other business advice. Its receipt does not create a relationship between Incentis Group and recipient. All information is believed to be accurate at the time of printing but should not be relied upon, and no decisions should be made, without consulting the full text of the applicable statutes and seeking independent counsel. Incentis Group and FastFacility make no representation as to the eligibility of a company or person to receive any incentives.