What is an Ohio CRA Tax Abatement?
When you buy a new construction home, your property taxes are typically calculated on the full value of the land and building. In many Ohio communities, that means a substantial tax bill from day one. But buyers benefit from something exceptional at two Charles Simms Development communities. A 100% Community Reinvestment Area (CRA) tax abatement that can save them hundreds of dollars every single month.
What Is a CRA Tax Abatement?
The State of Ohio authorizes the Community Reinvestment Area (CRA). This program allows local governments to offer real property tax exemptions. These exemptions encourage new construction and community reinvestment.
In simple terms, you get a tax break when you buy a new home in a CRA area. The increased value from the new home is exempt from property taxes for a set period.
You only pay taxes on the original land value. The home sitting on top – often worth $250,000-$400,000 – is tax-exempt for the full abatement period. You get 100% of the home value exempt for the full term. There is no partial relief and no phase-out.
The abatement stays with the property even if you sell the home.
The Townes at Wright Dunbar & The Gables of Huber Heights
Two Simms Development communities feature these CRA Tax Abatement agreements.
The City of Dayton uses the CRA program to renew neighborhoods. The Townes at Wright Dunbar qualifies under Dayton’s CRA. This rule offers full property tax abatements on new homes for 15 years. Buyers pay taxes only on the land beneath the home for a decade and a half.
The Gables of Huber Heights benefits from a 10-Year, 100% CRA Tax Abatement. The City of Huber Heights approved this plan to encourage quality new neighborhoods. Just like Wright Dunbar, the abatement is 100% of the building value. Your entire home structure is exempt from property taxes for a full decade.
In both places, you pay property taxes on the land value only. You pay nothing on the value of the home itself during the abatement period.
New Buildings Currently Under Construction
Simms Development is building new homes right now at both locations:
- The Townes at Wright Dunbar: Crews are building our third building now. We will break ground on the fourth and final building this fall. Both buildings feature six units each. Three units are already under contract, so hurry before they sell out!
- The Gables of Huber Heights: An eight-unit building is also under construction. This building features three new floor plans.
Come Visit One of Our Models Today!