Homeowner’s Tax Abatement Program
The City of Lakewood was the first municipality in the State of Ohio to enact legislation allowing homeowner’s to qualify for a property tax abatement that defers a property tax increase for five (5) years on qualifying home improvements. This was done to encourage property owners to reinvest in their properties.
The Tax Abatement Program is administered through the Cuyahoga County Property Appraisal Department and applies to one- and two-family dwelling units. The abatement is for certain new construction and improvement projects that cost at least $2,500 and cause an increase in the assessed value of the property. The City of Lakewood automatically notifies the County of all qualifying projects once work is complete and permits have been closed.
Eligible Projects are:
- Accessory Buildings (Garages)
- Indoor Fireplaces
- In-ground pools
- Major Rehab Projects
- New Whole House Air Conditioning
- New Decks and Porches (Not Replacements)
(Note: Not all projects raise property values and do not qualify for abatement)
The County utilizes the information from the City of Lakewood when determining the value for your property.
Helping first-time homebuyers
The Lakewood HOME Program provides one of the best mortgage financing packages available to qualified first time homebuyers interested in purchasing a Lakewood home. Assistance, which comes in the form of a 0% interest, no monthly payment second mortgage is used to assist with both down payment and closing costs. To get more information — or to find out if you qualify — call (216) 529-HOME (4663) or send an email to email@example.com.
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