Enterprise Zone Tax Assessment Deferral Program in New Haven
When a property is rehabilitated or improved by new construction, the assessed value may increase because of the investments made in the property. In some cases this may deter investment. In order to encourage the fullest development of property and to encourage investment in New Haven’s existing commercial and residential building stock in the City’s designated “Enterprise Zone”, the Enterprise Zone Assessment Deferral Program freezes the property tax assessments on certain eligible properties at pre-construction or pre-rehabilitation values and then phases in the taxes assessed on the improvements over a period of seven years.
How it works.
• First, the owner of the property completes an application for a determination of eligibility.
• During construction, the assessment of the property is frozen at the pre-rehabilitation assessed value. Upon completion of rehabilitation or construction, but not more than two years from the effective date of the agreement, a seven-year phase-in period begins.
• For the first two years following completion of the project, the taxable assessment of the property remains at the pre-rehabilitation level. On the fourth anniversary of the effective date of the agreement, fifty percent (50%) of the assessed value of the improvements to the property is assessed against the property. Thereafter an additional ten percent (10%) of the increased value is assessed against the property for each of the next four years, until one hundred percent (100%) of the increase is assessed.
Contact program coordinator for more information or download the information and application packet below. Please note that there is a separate similar City Tax Assessment Deferral Program, please refer to link below.
Follow this link for more information.
Contact Name: Clayton Williams
Contact Email: firstname.lastname@example.org
Contact Phone: 203-946-7093