What is it?
Real property tax exemption (Property tax will be paid on the land, the tax on the structure is abated)
Where is it?
Entire Village of East Palestine
When?
Effective April 28, 2003
Who Qualifies?
Residential, Commercial, and Industrial Properties
Why?
To encourage economic stability, maintain property values, generate new employment opportunities and population growth
How does it work?
For building a new home: All structures up to two dwelling units qualify for a 100% on the structure. Taxes will only be assessed on the value of the lot. A completed application must be turned in once the project is complete, the Community Reinvestment Area Board meets once a year in December to certify the applications and then they are forwarded to the County. The abatement is a 5-year term and must be applied for within six months of completion of the project.
For remodeling a home: The abatement is 100% on the increase in market value and for a term of 10 years. No more than two dwelling unites inside a structure. A completed application must be turned in once the project is complete, the Community Reinvestment Area Board meets once a year in December to certify the applications and then they are forwarded to the County. Abatements must be applied for within six months of completion of the project. (Includes additions, siding, baths, kitchens, etc. Usually not given for roof or windows as those do not increase valuation.). The Manager is the Housing Officer and will handle the applications.
Commercial/Industrial: Must be applied for in advance of construction. Percentage of exemption is negotiated with the Village and School District and set into an agreement (schools have a say in any abatement over 50%). The abatement applies to increase in tax valuation resulting from improvements to commercial/industrial property. This includes residential buildings with thee or more dwelling units; up to 12 years to remodel, up to 15 years to build. Local monitoring fee of 1% of the taxes exempted minimum of $500 not to exceed $2500. (Council may waive)
TAX INCENTIVE REVIEW COUNCIL: Three representatives appointed by County Commissioners, two by Village Manager, a County Auditor Designee, and a School Board Rep. The Tax Incentive Review Council does an annual review for compliance to agreement for all industrial/commercial grantees.