The city of Cleveland Heights recently upped the level of tax abatement that is offered on some of the new construction developments that are located within the city. The new tax abatement level is 100% over seven years. Previously, the tax abatement level was 50% over 10 years.
Tax abatement in Cleveland Heights is available on such projects as the Boulevard Townhomes and the Courtyards of Severance, among others.
A study on the impact of tax abatement in the city of Cleveland by the Levin College of Urban Affairs at Cleveland State University found a strong correlation between tax abatement and sales of new housing. Sixty percent of the owners of current abated homes in Cleveland said they would not have puchased them if they had not received tax abatement, according to the study. Additionally, for every $1 in abated taxes, a total of $1.50 in new property taxes was generated for the city.
For over a decade, Cleveland Heights has worked to attract new construction housing to the city, adopting a strategy that offering more housing choices, bringing in new residents, and growing the city's tax base is vital to the city's success. With the recent housing slowdown, the ciy sought to raise the level of tax abatement to stay competitive with other cities, and to entice buyers to buy a new home here.
For more information on the city of Cleveland Heights, visit www.clevelandheights.com.