When does Your Downtown Columbus Condo Tax Abatement Begin?--Maybe not when you think

October 11th, 2007 categories: Condos & Lofts, Downtown

Surprise, It’s not the day you purchase your Columbus condo. 

It’s the day the developer gets the certificate of occupancy for the entire project or a block of units in the project.  The other day I wondered aloud what will happen when all the tax abatement given for the downtown condos begin to run out.  That prompted this post.

If you’re looking to purchase a home in downtown Columbus that advertises a 10 year tax abatement and was built and ready to go 2 years ago and you’re purchasing a new unit that hasn’t been lived in yet, you may only have Eight Years left on your tax abatement— even though you just bought it.  Be pro-active and if your Realtor isn’t on top of it, make sure you are.

Also, Don’t forget that Tax Abatement Does Not Mean No Taxes Whatsoever.  If it’s a new build, your likely to be taxed your portion of the value of the land pre-construction.  If it’s a rehab project, you’ll be taxed your portion (i.e. 20 units in the project, you pay roughly 1/20th of the bill) of both the land and the pre-construction Auditor’s value of the building.  Each project is a little different, so be aware.

How can you find out exactly what time your downtown Columbus Condo tax abatement runs out?  Call or email the Downtown Columbus Development Office with the City of Columbus.  They have all the paperwork on file.

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