Tax abatements set for renovations in Canfield
CANFIELD — City council has approved a measure allowing tax abatements on improvements to property within a Community Reinvestment Area.
A CRA is an incentive tax exemption program that benefits property owners who renovate or build new structures. Last year, the CRA was amended by council to encompass the entire city.
But during last year’s dicussions and legislation, parameters were not set regarding the actual abatements, explained city Manager Wade Calhoun.
He explained an individual must spend these minimums outlined by the legislation to be eligible for the abatement:
• Tax exemptions for a single-family dwelling containing not more than two family units will have $20,000 for 10 years at 100 percent.
• Dwellings containing more than two units will be exempted at $30,000 for 10 years for 100 percent.
Commercial or industrial buildings were also outlined by the legislation.
• A full reimbursement for 12 years will occur for remodeling of at least $20,000, while construction of new commercial or industrial structures will receive 100 percent abatements for 15 years.
Read more in Sunday’s Vindicator.