The Community Reinvestment Area is a property tax exemption for the value of improvements made to a structure during the calendar year. The tax exemption is granted for a period of years based upon various criteria.
- Who is eligible? Any parcel located within the City of Findlay is eligible to apply for the CRA.
- How do I apply? Applications are available online from Hancock Regional Planning Commission at www.hancockrpc.com. Applications can also be picked up from the Mayor’s Office on the 3rd Floor of the Municipal Building
- Is there a deadline to apply? Applications for a CRA project must be made during the year in which the project was completed. If you do not apply for the CRA the year the project was completed you lose the ability to apply for it.
- What does the application process involve? The applicant is required to provide basic information about the property and project. Additionally the applicant is asked to provide invoices, receipts, or canceled checks to demonstrate the cost of the investment.
Summary of Exemption Criteria
The length of tax exemption is based upon the age of the house.
- 20 years old = 4 year exemption
- 30 years old = 6 year exemption
- 40 years old = 8 year exemption
- 50 years old = 10 year exemption
Commercial/Industrial Remodel Investment
The length of tax exemption is based upon the size of investment as a percentage of the existing value.
- 10%-20% = 2 years
- 21%-50% = 4 years
- 51%=100% = 6 years
- 100% or more = 8 years
Commercial/Industrial – New Build
This section refers to completely new buildings and not additions or expansions. The length of tax exemption is based upon the total cost of the new structure.
- 2-5 million = 2 years
- 5-10 million = 4 years
- 10-25 million = 6 years
- 25-50 million = 8 years
- 50+ million = 10 years