Cleveland should continue tax abatement program, but with modifications, report says

A study launched in 2018 recommends that Cleveland’s property tax abatement program should continue but add a $300,000 cap for single-family homes and establish limits for high-end multifamily projects, reports. The study’s report “found that abatements granted on property taxes only involved about 2.5% of parcels” but also that a “growing percentage of abatements issued” are going to areas where development is driving up prices, according to the article. Crain’s Cleveland reports that residents aren’t opposed to incentives for new housing, but “they want to see more help for longtime homeowners struggling to maintain older homes,” while builders say tax abatement “is critical for landing buyers and increasing against suburbs” increasingly offering their own tax breaks. For more, read the full and Crain’s Cleveland articles. 

Economic Development, Financial Incentives, State Updates