The Village of Russia Community Reinvestment Area (CRA) Tax Abatement Program provides a benefit for residents who construct new homes or substantially improve their existing homes in the Village of Russia.
Improvements made to your property resulting in an increased property valuation may qualify for a tax abatement. If the project qualifies, the owner of a property benefits because the remodeling or substantial improvement is not charged the extra property tax for a period of five years.
The Village also offers a tax abatement to new homes constructed within the Village of Russia with a cost of construction at least $180,000. For example, new construction of containing a one or two unit residential structure may be eligible for a 5-year abatement.
The Shelby County Auditor’s Office determines the abatement amount based on the type of improvements. You will receive a letter from the Auditor’s Office after the Auditor’s appraisal has been completed.
The period for tax abatement begins with the date of documented completion of work.
An increase or decrease in taxes during the abatement period may result when voted changes in tax rates, state-mandated reappraisals, or updates reflecting neighborhood trends are adopted.
For more information about this program contact the Russia Village office at 937-526-4436.