Real Property
Real Property Valuations
Valuation of Real Property Exempted by Tax Abatements, by
Class of Abatement and County, Calendar Year
2001
The value of real property exempt from taxation amounted to
$28.4 billion (see PE-2) for tax year 2001. Of this amount,
approximately $4.4 billion was exempt from taxation due to
exemptions granted by local governments through tax
abatements. The largest type of tax abatement program is the
community reinvestment program with $2.1 billion in exempt
value. County, township and municipal governments grant tax
abatements for the purposes of economic development and urban
renewal. Table PE-3 shows the value of the real property
exempted using tax abatements, by abatement class, and by
county.
Each abatement class listed below is a program administered
by county, township or municipal governments.
The five tax abatement classes:
1) Community urban redevelopment corporation abatement (ORC
1728.01 - 1728.13) - exempts value of improvements to real
property by designated corporations in certain blighted
areas. The corporations make service payments in lieu of real
property taxes. Designated by municipal authorities;
2) Community reinvestment area abatements (ORC 3735.65 -
3735.70) - exempts certain real property improvements in
areas designated by municipal or county authorities;
3) Urban redevelopment tax increment financing (ORC 5709.41 -
5709.43) - exempts improvements to real property to which a
municipality or a township holds title. Local officials may
require the "lessee" to pay service fees equivalent to the
tax that would have been collected had exemptions not been
granted;
4) Municipal urban renewal abatements (ORC 725.01 - 725.11) -
exempts improvements to real property in designated "urban
renewal areas". A municipality then requires service fees to
be paid by the owner to service outstanding urban renewal
bonds issued by the municipality;
5) Other abatements - comprised mainly of enterprise zone tax
abatements. Enterprise zones are designated by municipalities
or by counties.
Figures shown are compiled from Exempted Real Property
Abstracts filed by county auditors. Total $4.4 Billion