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Community Reinvestment Area
Property Tax Abatements
The City of Wadsworth created a Community Reinvestment Area (CRA) Tax Abatement zone in eight industrial areas and the downtown. The CRA program offers tax abatements on new construction or additions and interior renovations for up to 100% for up to 15 years on the improved value. Terms are negotiated in advance and depend upon the project’s total construction value and the amount of new payroll.
Industrial CRA agreements are negotiated using the following guidelines:
| PROJECT INVESTMENT | % OF TAX EXEMPTION |
|---|---|
| $ 100,000 - 249,999 | 10% |
| $ 250,000 - 499,999 | 20% |
| $ 500,000 - 999,999 | 30% |
| $1,000,000 - 2,499,999 | 40% |
| $2,500,000 - 4,999,999 | 50% |
| $5,000,000 - 7,499,999 | 60% |
| $7,500,000 - 9,999,999 | 70% |
| $10,000,000 - 12,499,999 | 80% |
| $12,500,000 - 14,999,999 | 90% |
| $15,000,000 + | 100% |
NUMBER OF YEARS OF EXEMPTION
| NEW PAYROLL | NEW CONSTRUCTION OR ADDITIONS | INTERIOR RENOVATIONS |
|---|---|---|
| $ 40,000 - 99,999 | 5 | 3 |
| $ 100,000 - 199,999 | 6 | 4 |
| $ 200,000 - 299,999 | 7 | 5 |
| $ 300,000 - 399,999 | 8 | 6 |
| $ 400,000 - 749,999 | 9 | 7 |
| $ 750,000 - 1,249,999 | 10 | 8 |
| $1,250,000 - 2,499,999 | 11 | 9 |
| $2,500,000 + | 12 | 10 |
Tax exemption agreements may also provide additional benefit to businesses based on the number of years the business is located in the City of Wadsworth per the following:
| YEARS BUSINESS IN CITY | ADDITIONAL YEARS OF EXEMPTION |
|---|---|
| 5 - 9 | 1 |
| 10 - 14 | 2 |
| 15 - 19 | 3 |
| 20+ | 4 |
Downtown CRA agreements are negotiated using the following guidelines:
| PROJECT INVESTMENT | % OF TAX EXEMPTION |
|---|---|
| $25,000 - 74,999 | 10% |
| $75,000 - 124,999 | 20% |
| $125,000 - 299,999 | 30% |
| $300,000 - 599,999 | 40% |
| $600,000 - 849,999 | 50% |
| $850,000 - 1,249,999 | 60% |
| $1,250,000 - 2,999,999 | 70% |
| $3,000,000 and more | 80% |
NUMBER OF YEARS OF EXEMPTION
| NEW PAYROLL | # YEARS NEW | # YEARS REMODEL |
|---|---|---|
| $ 40,000 - 99,999 | 6 | 5 |
| $ 100,000 - 199,999 | 7 | 6 |
| $ 200,000 - 299,999 | 8 | 7 |
| $ 300,000 - 399,999 | 9 | 8 |
| $ 400,000 - 999,999 | 10 | 9 |
| $ 1,000,000 - 1,499,999 | 11 | 10 |
| $ 1,500,000 - 2,999,999 | 12 | 11 |
| $3,000,000 and more | 13 | 12 |
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Matthew P. Springer
Director of Economic Development
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Economic Development
Physical Address
120 Maple Street
Wadsworth, OH 44281
Phone: 330-335-2707