A newly built home in Greene County, Ohio receives a property tax abatement under a Community Reinvestment Area (CRA) designation. The abatement covers 75% of the improvement value for 10 years. During the abatement period, which portion of the property is still fully taxable?
Correct Answer
A) The land value is fully taxable, but 75% of the improvement value is abated
Under Ohio's CRA program (ORC §3735.65-3735.70), tax abatements apply to the improvement value (the building), not the land. The land remains fully taxable at its assessed value. The abatement reduces only a specified percentage of the improvement's assessed value for the designated period.
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