Grow. The Cleveland Heights Tax Savings Plan
Grow is the City of Cleveland Heights’ tax savings plan that extends tax benefits to eligible residential and commercial properties. Created in 2018 as a City-wide Community Reinvestment Area, Grow was created as a tool to help support reinvestment in existing buildings and also encourage new construction.
Under the Grow Program, residential properties are eligible for property tax savings for both new and remodeling construction. The terms of the incentive are based on the strength of the housing market at the Census tract level using a variety of metrics identified by the City. Whether you’re an existing homeowner looking to put an addition on your home or a potential resident looking to build your new home in Cleveland Heights, Grow can help make your dream a reality. Tax savings on residential properties start at 25% for five years and go as high as 100% for 15 years if the project meets certain eligibility guidelines.
Commercial projects are also be eligible for tax savings, provided they meet certain criteria, and subject to the terms of a development incentive agreement required to be negotiated on a case-by-case basis with the City and Cleveland Heights-University Heights School District.
With Grow, you can receive cost saving tax exemptions when you build or remodel your home. Here’s an example of how you could save on a new construction.
YEARLY TAX SAVINGS WITH GROW
|$250,000 New Home||Up to $9,552|
|$325,000 New Home||Up to $12,537|
|$500,000 New Home||Up to $19,900|
To find out if your project qualifies, call 216-291-2617.
The following attachments provide additional information related to the Grow Tax Savings Plan:
- CRA Residential Guidelines
- CRA Residential Application
- CRA Residential Approval Flowchart
- CRA Commercial Guidelines
- CRA Commercial Application
- CRA Commercial Approval Flowchart
- CRA Program Summary Matrix
- CRA Score Mapping Tool
- CRA Ordinance Passed by City Council
- State Approval of the Community Reinvestment Area
- Presentation from 06/12/2019 CRA Meeting
- Presentation from 11/28/2018 CRA Meeting
Businesses and property owners interested in receiving more information about this new incentive program should contact the City’s Economic Development Department Director Tim Boland at firstname.lastname@example.org.