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Town Tax Incentives

Town of Hamden Tax Incentives

 

1.

  Real Property Tax Incentives

 

 

The Town offers assessment deferrals (tax abatements) to businesses when the business newly constructs or makes improvements to real property.  Increased taxes attributable to the improvements may be eligible for assessment deferrals depending on the total cost of the improvements.  The assessment deferral is based on only the amount of the increased assessment.  The minimum cost of improvements eligible for this incentive program is $25,000 in the two NRZ’s and $50,000 in all other areas of Town.  The levels of deferrals listed below are maximums.  Lesser incentives may be granted and applications may also be rejected.

 

 

If granted, deferrals begin on the October 1 grand list following the issuance of a certificate of occupancy from the Building Department.  The Town may cancel the program and require full or partial payback of taxes deferred under the program if the business substantially reduces its operation, assigns its rights, or sells or transfers the property during the payback period.   Applicants that are delinquent in taxes to the Town will not be considered for incentives unless arrangements are made with the tax collector to pay these taxes.

  

FOR BUSINESS NOT LOCATED OR  LOCATING IN A NEIGHBORHOOD REVITALIZATION ZONE.

 

Costs of Improvements

 

Percent deferred of the

 

Time period

 

Pay back

 

 

the increased assessment

 

for assessment

 

period

 

 

 

 

 

 

 

Over $15 Million

 

year 1-to a maximum of 70%

 

7 years

 

10 years

 

 

year 2-to a maximum of 60%

 

 

 

 

 

 

year 3-to a maximum of 50%

 

 

 

 

 

 

year 4-to a maximum of 40%

 

 

 

 

 

 

year 5-to a maximum of 30%

 

 

 

 

 

 

year 6-to a maximum of 20%

 

 

 

 

 

 

year 7-to a maximum of 10%

 

 

 

 

 

 

 

 

 

 

 

$3Million to $15 Million

 

year 1-to a maximum of 70%

 

6 years

 

10 years

 

 

year 2-to a maximum of 60%

 

 

 

 

 

 

year 3-to a maximum of 50%

 

 

 

 

 

 

year 4-to a maximum of 40%

 

 

 

 

 

 

year 5-to a maximum of 30%

 

 

 

 

 

 

year 6-to a maximum of 20%

 

 

 

 

 

 

 

 

 

 

 

$500,000 to $2,999,999

 

year 1-to a maximum of 70%

 

2 years

 

5 years

 

 

year 2-to a maximum of 60%

 

 

 

 

 

 

year 3-to a maximum of 50%

 

 

 

 

 

 

 

 

 

 

 

$50,000 to $499,999

 

year 1-to a maximum of 50%

 

3 years

 

5 years

 

 

year 2-to a maximum of 40%

 

 

 

 

 

 

year 3-to a maximum of 30%

 

 

 

 

 

FOR BUSINESSES LOCATING TO OR LOCATED IN A NEIGHBORHOOD REVITALIZATION ZONE

 

Costs of Improvements

 

Percent deferred of the

 

Time period

 

Pay back

 

 

the increased assessment

 

for assessment

 

period

 

 

 

 

 

 

 

Over $3 Million

 

year 1-to a maximum of 70%

 

5 years

 

10 years

 

 

year 2-to a maximum of 70%

 

 

 

 

 

 

year 3-to a maximum of 70%

 

 

 

 

 

 

year 4-to a maximum of 70%

 

 

 

 

 

 

year 5-to a maximum of 70%

 

 

 

 

 

 

 

 

 

 

 

$500,000 to $2,999,999

 

year 1-to a maximum of 100%

 

2 years

 

5 years

 

 

year 2-to a maximum of 100%

 

 

 

 

 

 

 

 

 

 

 

$25,000 to $499,999

 

year 1-to a maximum of 50%

 

3 year

 

5 years

 

 

year 2-to a maximum of 50%

 

 

 

 

 

 

year 3-to a maximum of 50%

 

 

 

 

 

 2.       Personal Property Tax Incentives

 

The Town may offer assessment deferrals (tax incentives) to any party owning or proposing to acquire an interest in real property upon which a manufacturing facility is located or proposed to be located.  The increased portion of the assessment of personal property in that faculty may be deferred depending on the net increase in personal property.  To be eligible, the minimum increase of assessment on a project is $25,000.  The levels below are maximums.  Lesser incentives may be granted and applications may also be rejected.

 

If granted, deferrals begin of the October 1 grand list following the issuance of a certificate of occupancy from the Building Department.  The town may cancel the program and require full or partial payback of taxes deferred under the program if the business substantially reduces its operation, assigns its rights, or sells or transfers the property during the pay back period.  Applicant’s delinquent in taxes to the town will not be considered for incentives unless arrangements are made with the tax collector to pay these taxes.

 

 

Amount of net increase in

the assessed value of

personal property

 

 

Percent deferred of the increased portion of the assessment

 

 

Time period for assessment

 

 

Pay back period

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$3 Million plus

 

year 1-to a maximum of 70%

 

5 years

 

10 years

 

 

year 2-to a maximum of 70%

 

 

 

 

 

 

year 3-to a maximum of 70%

 

 

 

 

 

 

year 4-to a maximum of 70%

 

 

 

 

 

 

year 5-to a maximum of 70%

 

 

 

 

 

 

 

 

 

 

 

$500,000 to $3,000,000

 

year 1-to a maximum of 70%

 

2 years

 

5 years

 

 

year 2-to a maximum of 70%

 

 

 

 

 

 

 

 

 

 

 

$25,000 to $499,999

 

year 1-to a maximum of 50%

 

3 year

 

5 years

 

 

year 2-to a maximum of 50%

 

 

 

 

 

 

year 3-to a maximum of 50%

 

 

 

 

 

 

 

For additional information, call Dale Kroop, Hamden's Economic Development & Neighborhood Revitalization Director at (203) 287-7030 or email before initiating the eligible project. Applications may be completed online, printed and submitted by mail.

Dale Kroop
Director of Economic Development & Neighborhood Revitalization

2750 Dixwell Ave.
Hamden, CT, 06518
Phone: (203) 287-7030

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