Sales Tax: The sales tax rate is 8%, which equates to $8 per $100.
Corporate Income Tax: Ohio does not have a traditional corporate income tax but rather a Commercial Activity Tax (CAT) with a rate of 0.26% on gross receipts over $1 million, which is equivalent to 26 cents per $100 of gross receipts over $1 million.
Property Tax: The average property tax rate is approximately 2.79%, translating to $2.79 per $100 of assessed value.
Job Creation Tax Credit (JCTC)
Economic Development Grant Program
Ohio Enterprise Zone Program
Cleveland, Ohio, is strategically located on the southern shore of Lake Erie, at the heart of the Great Lakes region. This prime location offers easy access to major highways such as I-90, I-71, and I-77, facilitating convenient transportation and logistics. Cleveland is also in close proximity to other major city centers, including Chicago and New York City, making it a pivotal hub for commerce and trade in the Midwest.
Demographics: Cleveland boasts a diverse population with a rich cultural heritage, contributing to a dynamic and inclusive workforce. The city's population is characterized by a mix of age groups, with a notable presence of young professionals. This diversity is reflected in the workforce, which is skilled in various sectors, from manufacturing to healthcare and technology.
Wages: The median household income in Cleveland is approximately $30,907, while the median rent stands at around $725 per month. These figures indicate an affordable cost of living when compared to other major cities, making Cleveland an attractive place for both individuals and families.
Key Industries: Cleveland is renowned for its manufacturing sector, particularly in automotive and aerospace components. Additionally, the city has made significant strides in healthcare, with world-class medical facilities contributing to its reputation as a healthcare hub. The technology and service sectors are also growing, further diversifying the city's economic base.
Quality of Life: Cleveland offers a high quality of life, with numerous parks, museums, and cultural institutions enhancing the city's livability. The Cleveland Metroparks system provides ample outdoor recreation opportunities, from hiking and biking to boating on Lake Erie. The city's vibrant arts scene, including the Cleveland Orchestra and the Rock and Roll Hall of Fame, adds to its appeal as a great place to live and work.
Education: The city is home to several top universities and community colleges, including Case Western Reserve University, known for its research and engineering programs, and Cleveland State University, which offers a wide range of undergraduate and graduate degrees. Cuyahoga Community College also serves the community with accessible education and workforce training programs.
Businesses: Cleveland is the headquarters for several Fortune 500 companies, including KeyCorp, Sherwin-Williams, and Progressive Corporation. These corporations, along with a vibrant ecosystem of small businesses and startups, drive the city's economic growth and innovation.
Economic Development Organizations: The Greater Cleveland Partnership and Team NEO are among the leading organizations dedicated to economic development in the region. These entities work collaboratively to attract investment, support business expansion, and foster job creation, ensuring Cleveland's competitive edge in the global economy.