Tax Incentives for Fixing Up Lakewood Homes?
Posted: Wed Sep 07, 2005 7:52 pm
I'm new to this site and was just reading the posting about the auction of the beautiful old home in Lakewood. One thing that was repeatedly mentioned was how the house was allowed to deteriorate over the years. It occurred to me that this is an extremely common problem with homes throughout our city, and not just mansions.
I realize that there are some programs to help homeowners with repairs such as the Heritage Home Loan, which I have taken advantage of, but what about something even more appealing, tax incentives. The Home Loan program, while nice, is still a loan which requires repayment. Other programs have income limits which many of us exceed.
Cleveland has been successful in the Ohio City and Tremont areas by giving property tax breaks, how about something similar in Lakewood to promote preserving all these beautiful homes. Even if we could write off a percentage of repairs to our homes it would be an incredible benefit to all of Lakewood in the long term.
One main issue raised during the West End controversy was the need to increase the tax base of the city. Wouldn't providing citizens with the ability to improve the value of the existing properties increase the tax base in the long run?
I realize that there are some programs to help homeowners with repairs such as the Heritage Home Loan, which I have taken advantage of, but what about something even more appealing, tax incentives. The Home Loan program, while nice, is still a loan which requires repayment. Other programs have income limits which many of us exceed.
Cleveland has been successful in the Ohio City and Tremont areas by giving property tax breaks, how about something similar in Lakewood to promote preserving all these beautiful homes. Even if we could write off a percentage of repairs to our homes it would be an incredible benefit to all of Lakewood in the long term.
One main issue raised during the West End controversy was the need to increase the tax base of the city. Wouldn't providing citizens with the ability to improve the value of the existing properties increase the tax base in the long run?