The City of Springboro can grant tax abatement or all improvements placed on the land; taxes on the land cannot, under Ohio law, be abated. This means that the City can eliminate the real estate taxes due on the building for a number of years, not to exceed 15 years. This is significant savings for you.
Let us assume that you erect a 30,000 square foot factory or office building at a total cost of 1,000,000. For normal tax purposes, this new building would be assessed at 35% of the actual value, resulting in a tax valuation of $350,000 at a hypothetical tax rate of $41.00 per $1,000 equating to an annual tax of $14,350.00. Fifteen years times $14,350.00 equates a savings of $215,250.00!