Cincinnati’s Tax Abatement is changing…
When you build a new home or invest in renovations, your property taxes can go up. The City of Cincinnati’s Residential Property Tax Abatement allows owners to pay taxes on the pre-improvement value of their property for 10-15 years. This year, the City is making a few changes to the program.
Below, we’ve outlined a few details from the recent Home Builders Association Meeting and interviews with Paul Yankie from Green Building Consulting:
- Neighborhoods in Cincinnati are broken into three tiers: Lift, Expand and Sustain. Each of these areas have different abatement levels.
- The City will reassess neighborhood designations every three years.
- Applications MUST be in BEFORE September 1, 2023. They need to be complete applications with all of the necessary components.
- Permits will take a while to turn around as the City is understaffed.
- Abatement Terms Lengths are changing to as low as 5 years in the Sustain Neighborhoods.
- If you receive a permit from the City, it’s good for 6 months. You have the opportunity to extend that by 6 months (with an additional application request).
- LEED Certification is still a big part of the new Abatement Program.