Tax Incentives and Credits

A CRA is an area within the City of Newark “in which real property tax abatement can be granted for any increased property valuation that would result from improvements to the property in the form of new construction or remodeling of existing structures by the property owner.” If you own real property in a CRA, you can remodel structures on that property or build new structures. For existing one- and two-family dwellings, the minimum remodeling is $2500. These improvements are exempt from property taxes for ten years. For existing dwellings of more than two units and existing commercial and industrial structures, the minimum remodeling is $5000. These improvements are exempt for twelve years. New construction is exempt for fifteen years.