This enlightening copy on how much new Cleveland residents save on tax abated properties comes from Zaremba, the residential developer of Beacon Place/Woodhaven and the soon-to-be built Avenue District (both recipients of abatements):

Through this program a buyer is tax abated 100% of their property taxes for 15 years. What an incredible opportunity for savings! Based on the 2004 tax year, the property tax rate for purchasing a new home in Downtown Cleveland was 1.99%. As an example, a new home in Downtown Cleveland costing $300,000 would save the buyer $5,970 a year --nearly $500 a month and $90,000 over the life of the incentive.  

During the life of the tax abatement, the homeowner is required to pay only the minimal real estate tax on the value of the land. The average tax for homeowners in Zaremba's Woodhaven Development in the Cleveland Fairfax Neighborhood is only $40-$50 per month.

This fifteen year tax abatement is also fully transferable at any time. This would allow someone wanting to sell their home after five years to pass the tax abatement incentive onto the next owner for the remaining ten years.