Community Reinvestment Area – Areas of land in which property owners can receive tax incentives for investing in real property improvements. The purpose of a Community Reinvestment Area is to encourage revitalization of existing real property and the development of new structures in an area where investment has been discouraged. Projects with these areas may receive up to 100% real property tax exemption for up to 15 years bases upon level of investment in commercial real property and job creation.
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