Real Property
Real Property Valuations
Valuation of Real Property Exempted by Tax Abatements, by
Class of Abatement and County, Calendar Year
2003
The value of real property exempt from taxation amounted to
$32.6 billion (see PE-2) for tax year 2003. Of this amount,
approximately $5.5 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 $2.5 billion in exempt
value. Tax abatements are granted by county, township and
municipal governments 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 shown in the table is a program
administered by county, township or municipal governments.
The five tax abatement classes are as follows:
1) Community urban redevelopment corporation abatements (ORC
1728.01 - 1728.13) - exempt the 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 abatements
(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.