The City of Troy has participated in the state of Ohio Enterprise Zone Program since 1987, offering companies a tax benefit when making substantial capital investments. With the change in Ohio tax law of 2005, previous tangible personal property and inventory taxes were replaced with the Commercial Activity Tax, thus reducing the tax benefit of the Enterprise Zone Program. However, manufacturing businesses making significant real property improvements may qualify to receive 100% tax abatement for up to 15 years depending upon job creation and new payroll figures. The Troy Enterprise Zone Program can also contribute towards leveraging additional incentives from the state such as tax credits, grants and low interest loans. Please contact our office to inquire about the state financial assistance application for eligibility.
Additionally, the City of Troy has a Tax Increment Finance District which started in 2003, consisting of an 80 acres mix of professional office, retail, and business services on the west end of Troy. This shopping and business district is home to Troy's most recent upscale development with visible access to I-75 and SR 41 (West Main Street). Early financed improvements to this area included road and utility infrastructure with historic designed lights and landscaped pedestrian paver walkways. A very attractive location for retail and dining establishments as well as entertainment and shopping. Several prime lots are still available to develop with intrastate highway exposure.
See also Community Reinvestment Area (CRA) Program, which provides tax abatements for those making improvements to Downtown historic buildings and homes.