Real Property
Real Property Valuations
Valuation of Real Property Exempted by Tax Abatements, by
Class of Abatement and County, Calendar Year 1986
The value of real property in Ohio that was exempt from
taxation amounted to $12,748,638,180 (see PE-2) for tax year
1986. Of this amount, $491,961,770 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 $187,869,820 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:
* Community redevelopment corporation abatement - exempts
value of improvements to real property by designated
corporations in certain blighted areas. The areas are
designated by municipal authorities;
* Community reinvestment area abatements - exempts certain
real property improvements. Municipalities collect the
equivalent of the taxes exempted as service fees. These are
used to fund other projects through municipal redevelopment
tax increment financing abatement programs and municipal
urban renewal programs.;
* Municipal redevelopment tax increment financing - exempts
improvements to real property to which a municipality or a
township holds title. They may require the "lessee" to pay
service fees equivalent to the tax that would have been
collected had exemptions not been granted;
* Municipal urban renewal abatements - exempts improvements
to real property in designated "urban renewal areas". A
municipality may then require service fees to be paid by the
owner to service outstanding urban renewal bonds issued by
the municipality;
* Other abatements - comprised mainly of enterprise zone tax
abatements. Enterprise zones are designated by municipalities
or by counties with the municipalities' consent. The purpose
of an enterprise zone is to promote job creation and economic
development in depressed areas by granting tax abatements to
new or expanding enterprises within the boundaries of the
designated zones.
Figures shown are compiled from Exempted Real Property
Abstracts filed by county auditors.