CRPTA is a local incentive for the rehabilitation of commercial and industrial buildings in the City.
- The incentive reduces the post-rehabilitation real estate tax for five (5) years.
- The amount eligible for abatement is equal to 50% of the qualified rehabilitation costs.
- The reduction begins upon the completion of the rehab or on January 1st of the year immediately following the rehab, whichever is most beneficial to the property owner.
- Properties must be at least 20 years old, 15 if in an Enterprise Zone.
- The rehabilitation may expand the building’s square footage by no more than 50%.
- Qualifying rehabilitation* costs are the same as those for qualifying investments for the state’s Enterprise Zone Real Property Investment Grant (RPIG). See pages 11-13 of RPIG Manual.
- Qualified rehabilitation* costs must equal at least 20% of the assessed value of the building(s)/improvements prior to rehabilitation.
- Owner and/or contractor must obtain all required building and related permits and inspections.
- Permit values must equal at least 85% of the actual qualifying costs of expenses requiring permits.
- Applications must be submitted within 18 months of the issuance of a Certificate of Occupancy (CO) or Final Inspections, whichever is applicable.
- For an application, visit APPLY HERE.
For more information, contact Mallory Butler, Economic Development Manger (Business Development), at (757) 298-6506 or by
email.
*Rehabilitation may not include building, renovation, or repair done after damage by fire, hurricane, flood, or other natural disasters or acts of God.