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Let's Talk About Tax Abatement!

Twenty plus years ago the city of Cleveland developed a residential tax

abatement program. The City of Cleveland’s Residential Tax Abatement

program is the temporary elimination of 100% of the increase in real estate

property tax of the real estate property tax on the home itself, that results

from certain eligible improvements on eligible residential/housing projects

(Remodeling or New Construction). It was created to stimulate investment in

new development or redevelopment of residential housing in the City of

Cleveland. The length or term of abatement is 15 years at 100% of the

dollar amount by which the eligible new construction or remodeling activities

increased the assessed market value of the property. The property owner is

responsible for paying property taxes on the assessed value of the land prior

to the new construction being built or the improvements made to an existing

home. Residents and developers seeking tax abatement for residential

projects must adhere to standards found in the Cleveland Green Building

Standards.


The benefit to buyers and sellers is more home for your money! Depending

on your mortgage pre-approval or your buying situation, looking at a tax

abated property as opposed to traditionally taxed property can increase your

buying power by a significant amount!


The tax abatement program will be going through some changes that will

affect any new builds permitted after January first of 2024. Contact me or

any of us at Ted & Co to discuss details of the changes!


Ted & Co has been involved in the tax abatement program since it’s

installment and instrumental in the dramatic growth of our Tremont, Duck

Island, Ohio City and Detroit Shoreway neighborhoods in the last two

decades! We are your city experts and here to guide you.

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