Thinking of opening a business in Cheviot? Check out what’s involved in doing that.
The City of Cheviot has partnered with First Financial Bank who can provide small business loans up to $10,000 in their Micro-Loan Business Program. Click on the links below for more information
Commercial Property Tax Abatement
City of Cheviot Community Reinvestment Area Property Tax Abatement Program
What is it? The Community Reinvestment Area (CRA) Program is an economic development tool administered by the City of Cheviot to provide real property tax exemptions to property owners who renovate existing or construct new buildings and create new jobs. The City offers up to a 50% property tax abatement on the value of new improvements up to 15 years – these terms are negotiated on a case-by-case basis. It is important to note that the final abatement is based on value of improvements as determined by the Hamilton County Auditor.
Eligibility: Projects that result in net, new job creation and typically have a minimum investment of $500,000. Projects must be located within the business district area as identified in the CRA boundary map.
How it Works: A property owner files an application with the City of Cheviot for a tax abatement through the CRA prior to commencement of construction. The process takes approximately 3 months for final approval.
Fees: The State of Ohio charges a $750 application fee and the City of Cheviot charges an annual monitoring fee of one percent of the value of the abatement (minimum $500/maximum $2,500).
How to Calculate: Example: A property owner enters into an agreement with Cheviot to invest $500,000 for commercial property renovation, with terms of 50% abatement for 15 years.
|Market value of new investment (building, not land value||$500,000|
|Assessed value of new investment (35%)||$175,000|
|Commercial property tax rate||0.093588484|
|Property tax on new investment||$16,378|
|Annual abatement at 50%||$8,189|
|Total abatement for 15 years||$122,835|
Further Information: Contact Caroline Statkus, Economic Development Director.
Office phone: 513-661-2700. Cell phone (preferred) : 513-257-4949.