CRA PROGRAMS BENEFITS

PRE

JULY 1, 1994 CRA

POST

JULY 1, 1994 CRA

EXEMPTION LEVELS:

Real Property

Must be 100%

Up to 100% **

Personal Property

None

None

Inventory

None

None

TERM EXEMPTIONS:

Residential Remodeling (2 units or less; minimum $2500)

Up to 10 years as specified in the legislation that creates the CRA

Up to 10 years as specified in the legislation that creates the CRA

Residential Remodeling (more than 2 units; minimum $5000)

Up to 12 years as specified in the legislation that creates the CRA

Up to 12 years as specified in the legislation that creates the CRA

Residential New Construction

Up to 15 years as specified in the legislation that creates the CRA

Up to 15 years as specified in the legislation that creates the CRA

Commercial and Industrial Remodeling (minimum $5000)

Up to 12 years as specified in the legislation that creates the CRA

Up to 12 years as negotiated and approved in an CRA Agreement

Commercial and Industrial New Construction

Up to 15 years as specified in the legislation that creates the CRA

Up to 15 years as negotiated and approved in an CRA Agreement