A “controversial” Community Reinvestment Area (CRA) program in North Canton has ended after City Council members voted to terminate it, CantonRep.com reports. The property tax abatement program, which offers abatements on improvements to properties within the CRA zone, “has been the topic of council conversation, and legislation, since late March,” according to the article. Earlier this year, Council had “introduced legislation that would extend the CRA program nearly citywide,” but that proposal was voted down. During the opposition to that measure, “a tax abatement given to the developers of the North Ridge apartment complex came under fire.” Local developers received a 12-year, 100-percent tax abatement for the construction of the new 40-unit apartment complex valued at $2.5 million, allowing them to forego “about $59,129 annually in property taxes.” Several property owners currently participate in the CRA program; those participants will continue to receive abatements until their exemptions expire. For more, read the full article.
North Canton eliminates property tax abatement program
