(A) Within CRA 1, 2, and 3, dwellings containing not more than three residential units, in which one unit must be owner-occupied, shall be classified as residential structures. Dwellings containing four or more dwelling units shall be classified as commercial structures. For residential structures, a tax exemption on the increase in the assessed valuation resulting from the demolition and new construction of a structure, as described in R.C.§ 3735.67, shall be granted upon application by the property owner and certification thereof by the designated housing officer. A one, two or three unit residential structure, whether newly constructed or renovated, is only eligible for a tax exemption if at least one of the units is owner-occupied.
(B) The period of the tax exemption and the percentage of the tax exemption for the demolition and subsequent new construction of every dwelling, the tax exemption for the remodeling of existing residential, commercial or industrial structures, or combination thereof, and for the construction of new residential, commercial or industrial, or combination thereof properties are as follows:
(1) For the new construction or demolition, subsequent new construction, or remodeling of every eligible residential dwelling containing not more than three units, upon which the cost of the new construction is at least $25,000 per unit, as described in R.C. § 3735.67, the tax exemption shall be granted in advance of the commencement of construction, with a maximum term of such exemption being ten years and the maximum exemption being equal to 50% of the increase in the assessed valuation resulting from such improvements.
(2) For the remodeling of existing commercial, which includes four (4) or more residential units, or industrial structures, or some combination thereof, and upon which the cost of remodeling is at least $50,000, as described in R.C. § 3735.67, the term and percentage of the tax exemption shall be negotiated in advance of the commencement of the remodeling, with the maximum term of such exemption being a period of up to 15 years and the maximum exemption being equal to up to 100% of the increase in the assessed valuation resulting from such improvements. Payments in lieu of taxes will be required annually to the local school districts at a term equal to the years of exemption and a value of 50% of the abatement. School donation agreements must be signed in advance of abatement approval by the Housing Officer.
(3) (a) For the construction of new commercial, which includes four or more residential units, or industrial structures, or some combination thereof, and upon which the cost of construction and remodeling is at least $250,000 as described in R.C. § 3735.67, the term and percentage of the tax exemption shall be negotiated in advance of the commencement of the construction, with the maximum term of such exemption being a period of up to 15 years and the maximum exemption being equal to up to 100% of the increase in the assessed valuation resulting from such new construction. Payments in lieu of taxes will be required annually to the local school districts at a term equal to the years of exemption and a value of 50% of the abatement. School donation agreements must be signed in advance of abatement approval by the Housing Officer.
(b) If remodeling qualifies for an exemption during the period of the exemption, the exempted percentage multiplied by the dollar amount of the increase in the assessed valuation of the structure resulting from such improvements shall be exempt from real property taxation.
(4) For the construction of new commercial, which includes four or more residential units, or industrial structures, or some combination thereof in a critically distressed or blighted area, and upon which the cost of construction and remodeling is at least $250,000 as described in R.C. § 3735.67, the term and percentage of the tax exemption shall be negotiated on a case-by-case basis in advance of the commencement of the construction, with the maximum term of such exemption being a period of up to 15 years and the maximum exemption being equal to up to 100% of the increase in the assessed valuation resulting from such new construction.
(1980 Code, § 155.03) (Ord. 4987, passed 2-6-1989; Am. Ord. 7125, passed 7-7-2003; Am. Ord. 7898, passed 6-15-2009; Am. Ord. 9179, passed 4-15-2024)