Departments
Enterprise Zone Tax Abatements
Miami Township can grant tax abatement for improvements placed on land; taxes on unimproved land cannot, under Ohio law, be abated. This means that the Township can eliminate the real estate taxes due on a building for a number of years, not to exceed ten. This is a significant savings: as an example, assume that your company erects a 30,000 square foot factory or office building at a cost of $1,000,000. For normal tax purposes, this new building would be assessed at 35% of the actual value, resulting in an annual tax of $22,750 ($350,000 at a hypothetical tax rate of $65.00 per $1,000 equates to annual tax of $22,750.00). Ten years x $22,750.00 equates to a savings of $227,500.00! New personal tangible property can also be abated.
For more information: www.odod.state.oh.us/edd/ez/