Discover ideal living at The Landings at Martin’s Run. These homes boast spacious and inviting floorplans and designer-inspired interiors. Within the community you can enjoy paved, tree-lined fitness trails with designated workout stations. Venture to neighboring Black River Landing, host to seasonal celebrations and outdoor concerts, or historic Lorain Palace Theater for all-around entertainment nearby.
The Landings at Martin’s Run is pleased to announce that it is part of the 15-year City of Lorain Community Reinvestment Real Estate Tax Incentive Program Agreement (CRA)*. For the initial 10-year tax abatement period, payments are made on the value of the homesite only. In years 11-15, payments are made on the value of the homesite plus 25% of the home value. The tax abatement can be transferred one time if you sell your home during the 15-year period. The final payment amounts are subject to change depending on the mortgage interest rate at the time of sale and the monthly HOA fees.
Currently, the effective municipal tax rate is approximately 2.21 percent**, or annual taxes of $2,210 per $100,000 of the assessed value**. In years 1-10, the annual real estate taxes would be approximately $795 per year**, $66,25 per month**, regardless of the home price. In years 11-15, there is a 75% tax abatement.
The savings that this CRA program provides to homeowners is tremendous. In addition it helps stimulate community revitalization in and around the city of Lorain. Experience The Landings at Martin’s Run to see how your lifestyle (and your wallet) can change for the better.
Total Home Purchase Price**: $200,000
Land Value**: $36,000
Lorain Real Estate Tax Rate**: 2.21%
30-Year Fixed Rate Mortgage**: 4.25%
Grand Total**: $61,396.39
Additional buying power with monthly savings from the tax abatement.
The Landings at Martin’s Run
4312 Brooks Court
For more information, please call 440-960-5400.