485-b   Business Investment Exemption Zone

 

Commercial and Industrial properties may be entitled to a “phased-in” tax increase for new construction and/or substantial renovation of real property if located within the geographic boundaries of the Town of Union Business Investment Exemption Zone

50% of increased tax assessment due to the construction would be exempt in the 1st year after completion, and that amount would decrease 5% each year from the 2nd through 10th years

Verified expenditures of $50,000 must be made for new construction

Site must be 1 or more acres

Project must generate additional tax revenue for taxing authorities

An RP-485-b Real Property Tax Exemption Application must be filed with the Town of Union Tax Assessor between January 1st and March 1st

If you would like to see if your proposed project is located within the geographic boundaries of the Town of Union Business Investment Exemption Zone view the following Town of Union Economic Development Map (.pdf) and/or call the Town of Union Economic Development Director at (607) 786-2945 or e-mail at economicdevelopment@townofunion.com for more information.