Did you know that you can live in an upscale, downtown condominium and get subsidies from the City of Columbus?
In the midst of the housing boom Columbus decided to give people incentives to live downtown. Many redevelopment projects in and around the Arena District jumped at this opportunity.
Most of these incentives are property tax abatements. This means that you do not have to pay any or just a very low property tax, which can save you tons of money. The incentives are granted to the developer and transferred to the owner, when you buy a condo.
Most tax abatements run for 10 years starting when the developer received the occupancy permit. If you buy a down-town condo today, you may find that there are still 5 or more years of incentives left. So, you can live (property) tax free for a number of years complements to the City of Columbus.
Because there are so many condos available in downtown Columbus, you have a good chance to get a great deal. You may even be able to find a shortsale or foreclosure.
Last week I looked at a condo on Front Street – just a minute from Nationwide Arena. This condominium was listed as a shortsale and offered for around $139K. That’s over $100K less than its original purchase price of $250K.
How much money can you save on property taxes?
The annual property taxes for that unit are currently less than $500. The regular, non-subsidized rate would be $5,000 per year. This means that the tax abatement will save you $375 per month.
Take advantage of these incentives now, while Columbus condos still sell for less than market value! Most tax abatements still run till 2015.
