Community Reinvestment Area

What is a Community Reinvestment Area (CRA)?

• The Community Reinvestment Area program is an economic development tool administered by the City that provides real property tax exemptions for property owners who renovate existing or construct new buildings.
• CRAs are areas of land in which property owners can receive tax incentives for investing in real property improvements.
• Approved projects receive tax abatement on the increase in their property’s tax valuation for a specified time period. The tax abatement period begins the calendar year after:
  1. Certification is forwarded to the County Auditor’s Office, and
  2. A change in the property’s tax valuation has occurred due to the new improvements.

Forms