Residential CRA – Cheviot is pleased to offer a special program for property tax abatement on major renovations of residential properties. It’s called a Residential Community Reinvestment Area. Here’s how it works: Let’s say your home is valued at $100,000 by the County Auditor. You build a new family room. This might increase your home value to perhaps $120,000. With the tax abatement, you’d still pay taxes on $100,000, but wouldn’t pay taxes on the increased value of $20,000 for 10 years!!!
What qualifies for the Property Tax Abatement?
Examples that do qualify: Build an addition, add new bathroom, add new porch or deck, finish an attic, or install central air (not a replacement). What doesn’t qualify? Replacements such as new roof, new siding, new windows/doors and new sidewalk/driveway. Additionally, replacement HVAC, painting house, new aluminum siding, and repairs and general maintenance do not qualify. You’ll find more detailed information in the CRA Application Form.