PROPERTY TAX EXONERATION/INCENTIVES FOR NEW CONSTRUCTION

The properties that were already granted the 20 years of property tax exonerations on the improvment/ new construction are grandfathered for the remainder of their 20 years.   

For new construction the amount of years of property tax exonerations granted vary depending on the value of the new construction:

Commercial buildings have 10 years of tax exonerations on the improvements



RESIDENTIAL CONSTRUCTION valued up to:

• 100,000 USD gets 15 years of property tax exonerations on the improvements
• 250,000 USD gets 10 years of property tax exonerations on the improvements
• 250,000 + USD gets 5 years of property tax exonerations on the improvements