DEVELOPMENT ARTICLES: Greenhills Community Reinvestment Area Program
GREENHILLS COMMUNITY REINVESTMENT AREA PROGRAM
Greenhills is pleased to offer tax incentives to encourage private investment in the Village. The Community Reinvestment Area program is intended to promote revitalization by offering property tax exemptions for any increased property valuation that result from renovation of existing structures or new construction activities within the designated area.
The boundaries of the CRA mirror – for the most part -- the Village’s historic district. It also includes the American Legion building and the former Johnny’s Toys building. Click here to view the map of the CRA. A specific list of addresses included in the CRA can be viewed by clicking here.
If you are contemplating a residential project, you can view the exemption application by clicking here.
The percentage of the exempted amount and the term of the exemptions vary according to the type of investment, as indicated below:
1)75% tax exemption for 10 years for the remodeling of a residential structure containing not more than 2 housing units when the cost of remodeling is at least $2,500
2)75% tax exemption for 12 years for the remodeling of a residential structure containing not more than 3 housing units when the cost of remodeling is at least $5,000
3)75% tax exemption for 15 years for new construction of a building containing not more than 3 housing units
4)Up to a 75% tax exemption for up to 12 years, as negotiated on a case-by-case basis in advance of the project moving forward, for commercial remodeling projects and for residential remodeling projects involving more than 3 housing units
5)Up to a 75% tax exemption for up to 15 years, as negotiated on a case-by-case basis in advance of the project moving forward, for new construction of commercial facilities or residential projects involving more than 3 housing units
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