The City of Springdale has an established Enterprise Zone which covers the majority of the City's business areas.
To initiate the process for being considered for Enterprise Zone real estate tax abatement benefits you may contact:
The Enterprise Zone (EZ) tax incentive program allows growing non-retail companies to receive an exemption on a percentage of the new real property investment. The Ohio Tangible Personal Property Tax has been reduced to zero percent. As a result, the maximum abatement allowed without affected school board approval is 75% for a 10 year period in incorporated areas (cities and villages) and 60% for a 10-year period in unincorporated areas (townships). Anything in excess of 10 years or 75% requires formal approval by the affected school board. The amount of tax exemption is negotiated on an individual project basis and varies according to the size of the investment, jobs created and other factors. An agreement must be in place between the company and Hamilton County before a project commences. Projects fall into one of three categories: expand, occupy, or renovate. "Expand" means to make expenditures to add land, buildings, machinery, equipment, or other materials, except inventory, to a facility that equals at least 10% of the market value of the facility prior to such expenditures, as determined for the purposes of local property taxation. "Occupy" means to make expenditures to alter or repair a vacant facility equal to at least 20% of the market value of the facility prior to such expenditures, as determined for the purposes of local property taxation. "Renovate" means to make expenditures to alter or repair a facility that equals at least 50% of the market value of the facility prior to such expenditures, as determined for the purposes of local property taxation. Typically, the value of existing buildings and land cannot be abated. Fees: A $1,500 application fee is due upon submission to HCDC. Upon execution of an EZ agreement, a monitoring fee, the greater of 1% of the dollar value of incentives offered under the agreement or $500 up to a maximum of $2,500, for each year during the term of the agreement is due to HCDC annually. Check with HCDC to determine the eligibility of your proposed project.