The City of Bellefontaine is giving owners of these new condos a 12 year real estate tax abatement. 
What this means for a new owner is that you will pay $0 taxes on your new condo for the first 12 years. The real estate taxes you will have to pay are on the building lot itself.
In practical economic terms, you will save around $2,000 per year in real estate taxes off of a $2,500 normal tax bill.
The total tax savings over the 12 year period would be at least $24,000.