Incentive Available for Commercial Property Upgrades
Your commercial renovation can really payoff.
Do you own a commercial building that is 20 years old, or older, and in need of some renovation work? If so, are you interested in finding out how you can receive a reduction in your tax obligation for that property once your renovation is complete? The City of Newport News Commercial Rehabilitation Property Tax Abatement (CRPTA) program is designed to provide commercial property owners with a 5-year reduction their taxable liability on renovated property, equal to 50% of the qualifying rehabilitation investment. This program is open to all commercial property owners throughout the City who own a building that is at least 20 years old (15 in an Enterprise Zone), and who invest at least 20% of the pre-renovation assessment amount of the building into qualifying rehabilitation costs. Any renovation must not increase the building’s total square footage by more than 50%. To find out more about this program, visit the CRPTA webpage.