Exciting news for Kent home and business owners!

If you are a homeowner or business owner in the city of Kent, there are some major tax incentives I urge you to take a look at. Please click this link to the official City of Kent page that explains these tax breaks.

If you want the quick details, here they are:

1) Community Reinvestment Areas(CRA)
Community Reinvestment areas are designated areas within the City of Kent which permit businesses to apply for real property tax abatements on the improved real estate value of a project. The purpose of this program is to encourage property owners to reinvest within the City of Kent by not having to pay real property taxes on the increased value of their property for a given period of time (five to 15 years depending on the project). Both new construction and remodeling of existing structures for residential, commercial and industrial land uses are eligible for CRA benefits.

2) Enterprise Zone Program
Enterprise Zones are designated areas within the City of Kent in which businesses can receive tax exemptions on eligible investments in buildings, machinery/equipment, and inventory, and improvements . Through State of Ohio and Portage County authorizations, all of the City of Kent has been designated as an Enterprise Zone, and is, therefore, able to provide qualifying companies with tax abatements of up to 75% of the value of new real and tangible personal property for a period of up to 10 years.