| SERVICES
& INCENTIVES - Incentives |
|
Incentives |
Real
Estate Tax Deferral: Under statutory provisions,
the town can freeze the real property tax
assessment
(taxes on land and buildings) and establish taxes
based on this assessment. Depending upon the amount of the
capital investment the town can establish a tax schedule
for anywhere from two to seven years.
Personal
Property Tax Forgiveness: Through the State's Manufacturer's
Assistance Act, the town and the state may grant 100% forgiveness
of personal property taxes on all new manufacturing and
computer equipment for a period of four years.
Employee
Training Incentives: The
State Department of Economic Development offers
various financial incentives to assist with employee recruiting
and training needs. Depending upon the particular program,
the state would pay for training expenses, salaries during
a training period, or both.
Negotiation
of tax lien sales is authorized under the statutes.
The town can sell tax liens for a negotiated price to a
buyer or redeveloper of a tax delinquent industrial or commercial
property.
Tax
assessment agreements as authorized under the appropriate
provisions of the Connecticut General Statutes in Section
12-65(b). The statutes allow the town to enter into agreements
to fix the assessment on real property. Depending on the
amount of the investment we can fix the assessment from
50% of the improved value to any point of value for between
two and seven years.
Industrial Guidelines Program tax agreements:
In this program the town can rebate real property taxes
for up to seven years to reimburse the costs of public improvements
necessary to develop industrial subdivisions.
