The Obsolete Property Rehabilitation Exemption Act (OPRE), P.A. 146 of 2000, as amended, provides an incentive to encourage the rehabilitation of obsolete and/or blighted commercial property. Generally speaking, the real property value of a building will be frozen at the pre-rehabilitation value for 1-12 years (the duration is determined by the Mayor and Council), resulting in a tax saving to the applicant.
For additional information regarding this program, you may visit the following link.
As of October 2007, the City had created eight OPRE districts and granted six OPRE Certificates, resulting in the following: twelve new businesses; the creation or retention of more than one hundred jobs; the renovation of more than 95,000 square feet of commercial space; and more than $7.1 million invested in property improvements.
For a table of the all districts established and certificates issued, you may download the OPRE Districts List.
Obsolete Property Rehabilitation Exemption Act
OPRE Application Procedures Checklist
OPRE Tax Calculator