City of Wadsworth
Community Reinvestment Area
Tax Exemption Guidelines
(as revised per Ord-00-90)
The amount of tax exemption established for each project is a function of the percent of exemption granted and the number of years the exemption is granted. This percent and term will be based on the amount invested in real and personal property and total payroll for the project.
| PROJECT INVESTMENT | % OF TAX EXEMPTION |
|
$ 100,000 - 249,000 |
10% |
|
$ 250,000 - 499,000 |
20% |
|
$ 500,000 - 999,000 |
30% |
|
$1,000,000 - 2,499,999 |
40% |
|
$2,500,000 - 4,999,000 |
50% |
| $5,000,000 - 7,499,000 | 60% |
| $7,500,000 - 9,999,000 | 70% |
| $10,000,000 - 12,499,000 | 80% |
| $12,500,000 - 14,999,000 | 90% |
| $15,000,000 + | 100% |
|
NEW PAYROLL |
NUMBER OF YEARS OF EXEMPTION |
|
|
NEW |
ADDITIONS |
|
|
$ 40,000 - 99,999 |
5 |
3 |
|
$ 100,000 - 199,999 |
6 |
4 |
|
$ 200,000 - 299,999 |
7 |
5 |
|
$ 300,000 - 399,999 |
8 |
6 |
|
$ 400,000 - 749,999 |
9 |
7 |
|
$ 750,000 - 1,249,999 |
10 |
8 |
|
$1,250,000 - 2,499,999 |
11 |
9 |
|
$2,500,000 + |
12 |
10 |
The City of Wadsworth City Council, in negotiations of tax exemption agreements, may also provide additional benefit to businesses based on the number of years the business is located in the City of Wadsworth per the following (maximum total for term for new construction is 12 years, 10 years for additions):
|
YEARS BUSINESS IN CITY |
ADDITIONAL YEARS OF EXEMPTION |
|
5 - 9 |
1 |
|
10 - 14 |
2 |
|
15 - 19 |
3 |
|
20 + |
4 |