Community Reinvestment Area Tax Abatement - Residential Application
What is Akron's Residential CRA Tax Abatement Program?
- The abatement allows owners to pay taxes solely on the pre-improvement assessed value of their residential property for 15 years after improvements are completed. Property owners will not be required to pay property taxes on any increase in value that resulted from renovation or new construction on the property for a period of 15 years.
- The abatement stays with the property for the 15-year duration of the abatement. If it is sold during the 15-year period of the abatement, the new owner continues to receive the abatement.
- At the end of the 15 years of abatement the property will be taxed at its total post-improvement assessed value.
What types of improvements qualify?
Major Improvements that MAY qualify homeowner for tax abatement.
- Building a new porch
- Remodel a basement/attic into living space
- New additions to an existing structure
- Install a sunroom
- New construction
- Gut and renovate a home or apartment building
- Build or enlarge a garage
- Install indoor fireplace
- Install new additional bathroom
Are there any restrictions?
- Appropriate building permits must be issues to qualify for the tax abatement. Certificates of Occupancy or final inspections signed PRIOR TO APRIL 24, 2017 WILL NOT qualify for the property abatement.
- The property must be located in the City of Akron and identified on the Summit County Fiscal Office Auditor property card as being located within the City of Akron.
- Property Taxes and assessments cannot be delinquent.
- The property must be appropriately maintained or the tax exemption may be revoked.
- Only residential structures are eligible of the abatement. For mixed-use structures, only the residential portion will be eligible.
- Property must meet City of Akron zoning requirements.
- A minimum of $5,000 investment in renovation or construction is required to apply.
- Per Ohio Revised Code Section 3735.67, if the housing structure qualifies as a historic structure, the appropriateness of the remodeling must be certified, in writing, by an authorized person or organization prior to issuance of the abatement.
What are the steps in the process?
Step 1 - The developer or owner must pull a building permit with the Summit County Building Department located at 1030 E, Tallmadge Ave. #3, Akron, OH 44310
Step 2 - Upon pulling a permit, provide a copy of the permit and complete the City of Akron Community Reinvestment Tax Abatement - Residential Application. The application can be summited online or mail to:
City of Akron Tax Abatement
Department of Planning and Urban Development
Long Range Planning
166 S. High Street, Room 401
Akron, OH 44308
Step 3 - The City of Akron Department of Planning and Urban Development reviews the applications for completeness. If the Application and supporting documentation meet the requirements, the application will be processed for tax abatement. The application will be forwarded to the County Auditor's Office.
Step 4 - The Summit County Auditor will conduct a field inspection and verify the new construction/rehabilitation. Value (if appropriate) will be added to the property. Tax adjustments will be made accordingly.
The tax abatement program does NOT guarantee abatement for county periodic reassessments. The abatement is only for the increase in assessed property tax value triggered by the current remodeling or new construction improvements.