Dayton’s strategic use of CRA fueling growth in downtown, other areas

While home prices have been rising in downtown Dayton, Webster Station and other Dayton neighborhoods, property taxes don’t always immediately rise along with them, thanks to the city’s Community Reinvestment Area program, the Dayton Daily News reports. The program “incentivizes property improvements and new construction by exempting taxation on the value of the improvements,” the article reports. Dayton uses the abatements strategically by targeting “the neighborhoods that need it most,” said Karl Keith, Montgomery County Auditor. Keith said the city’s targeted approach will help reverse the trends of declining property values in areas that have experienced urban decay and blight. Some of the recent new homes in downtown Dayton have sold for prices that were “unimaginable to developers a decade ago.” As of 2017, “nearly $63 million was invested in Dayton properties” in the CRA program. For more, read the full article

Financial Incentives, Regional Updates, State Updates