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Tax Abatements for Residential Projects Under the Microscope
"The city of Cleveland plans a deeper look at its policy of offering property tax abatements for new housing," reports Nick Castele.
Currently, the city offers 15-year tax abatements for new housing construction and rehab projects that surpass a threshold of significance. The new legislation would take a first, small step toward reforming that tax abatement program by hiring a consultant to "reexamine those policies," reports Castele.
Potential changes could shorten the amount or lifespan of abatements, or leverage the policies to encourage more affordable housing development.