Massive Tax Abatements for Eligible Commercial Buildings
The City of Cincinnati offers property tax abatements for commercial buildings constructed or renovated to meet LEED certification standards. The incentive is available for any building within city limits and does not require a demonstration of financial need. Industrial structures are eligible to receive incentives under the commercial program. The tax abatement rules are as follows: commercial and industrial – 100% tax abatement for 15 years (new construction) or 12 years (existing building renovations); no cap on the value of improvements; requires an agreement signed prior to the start of construction that must be approved by the City Council; owner must enter into an agreement with the local Board of Education district to pay the board an amount equal to 25% of the avoided property taxes; and an application fee of $750 to the State of Ohio, plus an annual fee amounting to 1% of the value of the tax abatement with a minimum of $250 and a maximum of $2,500. Contact: City of Cincinnati; 513-591-6000; http://www.cincinnati-oh.gov/cdap/pages/-16936-/
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The article brilliantly elucidates the potential impact of massive tax abatements on eligible commercial buildings, incentivizing green energy adoption. Such initiatives not only alleviate financial burdens for businesses but also foster sustainable practices crucial for combating climate change. It’s encouraging to see government support driving positive environmental change.