(A) Within each Community Reinvestment Area tax exemptions for improvements to real property as described in R.C. § 3735.67 will be granted for the following periods for the construction of every dwelling, commercial or industrial structure as described in division (C) of R.C. § 3735.67:
First Five Years | 100% Abatement |
6th Year | 80% Abatement |
7th Year | 60% Abatement |
8th Year | 40% Abatement |
9th Year | 20% Abatement |
10th Year and succeeding years | 0% Abatement |
(B) For renovations of existing structures amounting to $5,000 or greater, the following tax exemption schedule shall apply:
First Ten Years | 100% Abatement |
11th - 12th Years | 50% Abatement |
(1980 Code, § 155.03) (Ord. 4987, passed 2-6-1989; Am. Ord. 7125, passed 7-7-2003; Am. Ord. 7898, passed 6-15-2009)