Here’s a list of some Dayton properties that receive property tax breaks through the program. RELATED: Tax change could mean more upgrades for Dayton propertiesĭayton’s Community Reinvestment Area program Webster Station is home to the massive and growing Water Street District, which has recently welcomed 348 new apartments and have more under construction. The two downtown CRA districts saw nearly $16 million in property improvements. Twin Towers’s CRA investments exceed $6 million. Twin Towers has the most properties in the program, with 82.īlighted homes in the Twin Towers neighborhood were removed and replaced with new affordable housing as part of a project by East End Community Services.īut of the $62.7 million invested in CRA properties, the Webster Station area accounted for more than $20 million of the investment, the most in the city. “For developers, the exemption often makes the financing work for a project or in an area that otherwise would not be bankable,” he said. The CRA program provides a strong incentive for homebuyers to reinvest in areas that have seen little development, Thornburgh said. “Dayton’s strategic use of the CRA program will help to reverse this trend over time.”ĭayton’s community reinvestment areas cover less than 15 percent of the city’s area, said Peter Thornburgh, community development specialist II with the city. “We know that urban decay and blight is one of the causes of some of the dramatic declines in property values we have seen in recent years,” he said. TRENDING: Wintry mix, accumulating snow expected to cause slick conditions this week The program is intended to help cities stabilize neighborhoods, and the city has used a targeted approach to assist the neighborhoods that need it most rather than offering these tax breaks on a wide scale, Keith said. Unlike some communities, which designate all the property inside their municipal boundaries as community reinvestment areas, Dayton uses the tool much more strategically and effectively, said Karl Keith, Montgomery County auditor. Simms said the tax abatements help his projects “tremendously,” and the incentives give his lenders confidence they will have sufficient sales. RELATED: Twin Towers neighborhood getting facelift, ‘one home at a time’Īlmost one-quarter of those properties are in downtown, and there’s also dozens in the Webster Station and Oregon District areas at the edges of downtown. Out of 46,582 residential properties in Dayton, just 313 receive property tax abatements through the city’s community reinvestment area program. Abatements can help the resale value of a home while they are still in effect. The property taxes on the improvements to the Browstones at 2nd are 100 percent abated from 2016 to 2030. That’s because the unimproved value of the land was $45,000.īut the value of the improvements (the new home) was about $231,490, which means the property taxes without the abatement would cost an additional $6,286 annually. The owner owed $1,295 in property taxes this year. But that is usually a small fraction of what they would pay otherwise.įor instance, one of the new Brownstones at 2nd townhomes in October sold for $295,000. Owners still owe taxes on the value of the land before the improvements. RELATED: Area company to add 200 jobs, invest $73M in manufacturing expansion One of the new Monument Walk townhomes near the Dayton YMCA recently sold for more than $600,000.Ĭharles Simms Development was behind all three projects.īut while purchase prices have risen, buyers are getting the benefit of having most of their property taxes abated for as long as a decade and a half. Some of the Brownstones at 2nd townhouses near 2nd Street Market have sold for more than $250,000. The new City View townhouses near Warped Wing have sold for more than $330,000.

RELATED: New downtown Dayton homes sell out Some of Downtown Dayton’s newest homes are selling for prices that were once unimaginable to developers a decade ago.

“Our buyers getting 10- or 15-year tax exemptions is a big deal for them and it helps with our sales,” said Charlie Simms, one of downtown Dayton’s biggest new home developers. Home prices have been rising in downtown, Webster Station and other parts of Dayton, but because of the program, buyers can see significant savings on their property tax bills, which encourages the purchase of larger, nicer or more expensive homes, experts say

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