Take advantage of The City of Columbus’ Community Investment Area (CRA) Tax Incentive Program!
What is a Community Reinvestment Area?
A Community Reinvestment Area (CRA) is a geographical area in which a government or other entity provides incentives to encourage investment, typically in the form of property development or rehabilitation. These incentives may include tax abatements, reduced fees, or other financial benefits. The goal of a CRA is to stimulate housing infrastructure to support community growth and foster economically diverse neighborhoods.
What are the goals of a CRA?
- Incentivize residential construction
- Incentivize the inclusion of below-market-rate units in higher-rent neighborhoods
- Support the development of affordable housing throughout the City
Learn more about the City of Columbus CRA here.
What is a property tax abatement?
A property tax abatement is a reduction or exemption from property taxes that is granted to a property owner by a government agency. The purpose of a property tax abatement is to encourage economic development or to provide relief to property owners who may be struggling to pay their property taxes.
Ask how you can save up to $500/month in taxes!*
What are the benefits?
- You’ll save hundreds on your monthly mortgage payment
- You’ll only pay property taxes on the homesite and not the value of the home
- The schools will continue to receive the current, existing property taxes
What communities are eligible for the program?
Eligible communities include The Meadows at Shannon Lakes and Trails at Chatterton East.
Valid for up to 15 years post-closing, this tax incentive program is readily available for homebuyers through the City of Columbus Department of Development.
