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Akron, Ohio

Mayor Horrigan Introduces Residential Property Tax Abatement Legislation

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City of Akron Press Release
From the desk of Ellen Lander-Nischt
Published: 04-10-2017

Akron, Ohio, April 10, 2017—Today, Mayor Dan Horrigan introduced legislation to Akron City Council to implement a residential property tax abatement program in the City of Akron.  This legislation is the result of more than a year of study and data analysis and was a key recommendation of the City’s Planning to Grow Akron housing strategy report and the Greater Ohio Policy Center’s (GOPC) “Build in Akron” report.  The program builds on data from the Reinvestment Fund’s Market Value Analysis of all 200 micro-neighborhoods in Akron, released last month.    

Mayor Horrigan’s proposed property tax abatement program will exempt 100% of the added property value on any new home construction in Akron, as well as most home renovation (valued at $5,000 or more), for a period of 15 years—allowing Akron homeowners to enjoy the benefits of new home investment without immediately paying the higher tax bill.

“Over the last year, we have taken a close look at our neighborhoods and confirmed what our residents already know—housing prices in Akron are low, and our housing market is struggling in neighborhoods throughout the City,” Mayor Horrigan said.  “To reverse this trend, we need a bold new strategy that will jumpstart new housing construction and renovation. Residential property tax abatement is just the catalyst Akron needs to make otherwise unaffordable housing construction affordable again.”

“We need to breathe new life into our neighborhoods, develop vacant residential lots and buildings, and make it worthwhile for our existing residents to invest in their homes. Recent studies by the Reinvestment Fund and the GOPC show that many Akron neighborhoods, of all income-levels, are poised for growth.”  Several other cities in Ohio have adopted this approach, with great success. Notably, Cleveland has seen significant new housing investment as a result of its abatement program, both downtown and in neighborhoods across the city. 

“We are competing every day with neighboring communities—and this program will create the welcoming environment we need for families and developers to consider investing and settling in Akron.  Our program will be available in every neighborhood in the City—giving all residents and neighborhoods an equal opportunity to benefit,” Mayor Horrigan said, “and because the pre-existing value of these properties will continue to be taxed, there is no loss of revenue for our schools or other property tax-funded organizations.  In fact, as the properties surrounding new construction increase in value, property tax revenue is likely to grow.  At the end of the 15 years of abatement, the property will then be taxed at its total value.”

Once the residential property tax abatement legislation is passed by Akron City Council, the program must be submitted to the State of Ohio for approval.  Once the program is finalized, the City of Akron will make a formal announcement, including instructions for how to apply.

For media inquiries (April 9-14, 2017), please contact: Annie McFadden, Deputy Chief of Staff at 330-375-2345 or [email protected].

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For further information, contact:
Annie McFadden
Deputy Chief of Staff
166 S. High Street Akron, Ohio 44308
Phone: (330)-375-2345
E-mail: [email protected]

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