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 more information, contact Kathrina Turner, Economic Analyst II, at (757) 597-2840 ext. 402 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.