The changes will fully defer property taxes for new construction and substantial improvements for five years as a way to attract new businesses to town. The tax deferral ordinance previously offered abatements that were based on a sliding scale and could be used for seven years. The benefit only applies to projects that increase the value of the property by at least $50,000 or new building projects. The Town Council will still have to approve each request. By changing to this upfront benefit, the commission hoped to incentivize new construction or expansion to meet the demand, make New Milford more competitive and make the up-front costs “attractive and affordable,” she said. The ordinance was also expanded to include blighted properties, as well as brownfields.
https://www.ctinsider.com/local/newstimes/article/Town-official-Powerful-incentive-for-new-15431325.php?cmpid=gsa-newstimes-result&_ga=2.216311582.984911465.1595930813-1477619448.1559687339