Property Improvements include all site work including paving, curbing, landscaping, fencing, utilities and drainage.  It also includes all improvements to buildings such as structural (foundation, all sections, roof) and electrical, mechanical, HVAC, telecommunication improvements, etc., all of which will be fixed improvements, not removable by the occupant as per Connecticut State Statute Chapter 203 Sec. 12-65b.

Real Property Tax Assessment Deferrals

Cost of improvement = $3,000,000 and over

Phase in

Year 1 maximum deferral = 70%

Year 2 maximum deferral = 60%

Year 3 maximum deferral = 50%

Year 4 maximum deferral = 40%

Year 5 maximum deferral = 30%

Year 6 maximum deferral = 20%

Year 7 maximum deferral = 10% 

*Businesses would commit to remaining in the City for a minimum period of 10 years, or agree to repay any deferral amounts. 

Cost of improvement = $500,000 – $2,999,999

Phase in

Year 1 maximum deferral = 60%

Year 2 maximum deferral = 50% 

*Businesses would commit to remaining in the City for a minimum period of 5 years, or agree to repay any deferral amounts. 

Costs of improvement = $25,000 – $499,999

Phase in

Year 1 maximum deferral = 50%

Year 2 maximum deferral = 40%

Year 3 maximum deferral = 30% 

*Businesses would commit to remaining in the City for a minimum period of 5 years, or agree to repay any deferral amounts. 

Applications will be reviewed by the Commissioner of Planning and Development on a confidential basis to determine eligibility.  All final applications are subject to City Council approval.