Community Reinvestment Area

Property Tax Abatements 

The City of Wadsworth created a Community Reinvestment Area (CRA) Tax Abatement zone in eight industrial areas and the downtown. The CRA program offers tax abatements on new construction or additions and interior renovations for up to 100% for up to 15 years on the improved value. Terms are negotiated in advance and depend upon the project’s total construction value and the amount of new payroll.

Industrial CRA agreements are negotiated using the following guidelines:

PROJECT INVESTMENT  % OF TAX EXEMPTION
 $ 100,000 - 249,999  10%
 $ 250,000 - 499,99920%
 $ 500,000 - 999,99930%
 $1,000,000 - 2,499,99940%
 $2,500,000 - 4,999,99950%
 $5,000,000 - 7,499,99960%
 $7,500,000 - 9,999,999  70%
 $10,000,000 - 12,499,99980%
 $12,500,000 - 14,999,99990%
 $15,000,000 +    100%

NUMBER OF YEARS OF EXEMPTION

 NEW PAYROLL   NEW CONSTRUCTION OR ADDITIONSINTERIOR RENOVATIONS
$ 40,000 - 99,99953
$ 100,000 - 199,99964
$ 200,000 - 299,99975
$ 300,000 - 399,99986
$ 400,000 - 749,99997
$ 750,000 - 1,249,999108
$1,250,000 - 2,499,999119
$2,500,000 +1210

Tax exemption agreements may also provide additional benefit to businesses based on the number of years the business is located in the City of Wadsworth per the following:

YEARS BUSINESS IN CITYADDITIONAL YEARS OF EXEMPTION
5 - 91
10 - 142
15 - 193
20+4


Contact Us

  1. Matthew P. Springer

    Director of Economic Development
    Email Matthew P. Springer

  2. Economic Development

    Physical Address
    120 Maple Street
    Wadsworth, OH 44281

    Phone: : 330-335-2707

    Directory

Resources

  1. City of Wadsworth Community Reinvestment Application (CRA)