The Community Revitalization Tax Relief Incentive, (RSA 79-E) encourages the redevelopment of properties within Pinardville and the Village, providing significant tax relief on improvements made to existing buildings or selected properties in these areas.
The way it works is simple.
If a redevelopment project will result in a substantial rehabilitation (at least $75,000 or 15% of the total existing assessed value), any new taxable value directly generated by the renovation could be free from the levying of property taxes for the following periods:
- Up to 5 years for a substantial rehabilitation.
- Up to 2 additional years for new residential units.
- Up to 4 additional years for affordable residential units.
- Up to 4 additional years for a property listed or eligible to list on the National Register of Historic places.
The savings can be considerable and the application is simple. In most cases, you just provide an itemized cost of construction and basic property information and submit a nominal application fee. The Board of Selectmen will ultimately make a determination as to the award at a public hearing.