Thinking about building a new home or remodeling an existing home? You may qualify for a residential tax exemption. The entire corporate limits are a Community Reinvestment Area. A percentage of your increased property value after your project is complete can be abated for a defined number of years.
- New Construction of a Single-family Home: 50% abatement for 15 years
- Home Renovation of $5,000-60,000: 50% abatement for 10 years for qualified improvements
- Home Renovation of more than $60,001: 75% abatement for 10 years (school board approval required)
For example, if you build a new home for $100,000 and the County Auditor assesses your property at $35,000, you would pay approximately $2,862 per year in property taxes. Through a 50% abatement you would pay $1,431 per year. You would save a total of $21,467 over the 15-year exemption period.
There is more than 250 vacant acres of land in Galion to build a house on. You can contact the Building Department to get started. There are three local banks to speak with about a mortgage: First Federal Bank, Galion Building & Loan Bank and Park National Bank.