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:
- Certification is forwarded to the County Auditor’s Office, and
- A change in the property’s tax valuation has occurred due to the new improvements.