Ravenna weighs tax crack for improvement, home advancement

Pamela G. Knowles

5 years after environment up a application to offer a tax break to the developers of the city’s downtown movie theater, Ravenna is pulling the notion of a community reinvestment area off the back burner.

Council’s Local community and Financial Enhancement Committee made a decision to transfer ahead with an agreement with Bricker & Eckler, a consulting agency that specializes in neighborhood reinvestment parts. Mayor Frank Seman said the contractor, proposed by Economic Growth Director Dennis West, would get a look at the metropolis and assistance recommend what areas may well be finest for the software. 

The method would make it possible for house owners to seek out and get tax breaks on improvements to their constructions. They would nevertheless pay taxes on the worth of the property just before the enhancements.

Whilst industrial home house owners can find an “enterprise zone” tax abatement for improvements they make, there is no these incentive in place for residential or commercial assets entrepreneurs. A “pilot method,” which applied only to the Ravenna theater, was accepted in 2016.

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