Community Reinvestment Area (CRA)

We are excited to announce that the Village of Shreve now offers a Community Reinvestment Area!

IMPROVE SHREVE & SAVE On TAXES!

WHat is a Community Reinvestment Area?

A Community Reinvestment Area (CRA) is an area of land designated by a local government on which property owners can receive tax incentives for constructing new or renovating existing buildings.

The CRA Program permits municipalities, townships, or counties to designate areas where investment has been lagging to encourage revitalization. Residential, commercial, and industrial projects are all eligible.

The CRA can be awarded tax incentives up to 100% of real property taxes on the value of residential, commercial, or industrial improvements or construction for up to 15 years.

The Purpose of a CRA

Ohio’s CRA Program was created to promote revitalization by offering property tax exemptions for any increased property valuation that would result from renovation of existing structures or new construction activities within the area.

Preserve & build

The program is being used to encourage historic preservation, residential rehabilitation, or new residential construction and/or as an economic development tool to encourage commercial and industrial renovation or expansion and new construction.

Encourage Investment

The Village of Shreve's Community Reinvestment Area (CRA) is a powerful tool that encourages homeowners and business owners alike to invest in properties throughout our community, improving the Village for all of us! Join us as we continue to move Shreve forward!

How Does a CRA Actually work?

A Community Reinvestment Area or CRA empowers you to improve your home, rental property, or commercial/industrial building without paying more in taxes for a period of up to 10 years!

What is the application process?

A Community Reinvestment Area or CRA empowers you to improve your home, rental property, or commercial/industrial building without paying more in taxes for a period of up to 10 years!