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Smithfield approves 15-year partial tax abatements to assist renovations at two apartment complexes
Summary
The council approved a 15-year partial tax abatement that freezes property tax at current assessed values for Jersey Park and Woods Edge while abating taxes on increased assessed value during renovations, to help owners secure financing for planned multimillion-dollar rehabilitation.
SMITHFIELD — The Smithfield Town Council voted on March 4, 2025, to grant partial tax abatements for two multi-family properties to help their incoming owner secure financing for major renovations.
Town staff told council the incoming owner plans substantial renovations at Jersey Park (estimated $8.4 million) and Woods Edge (estimated $6.3 million). Under the council-approved arrangement, the properties would be taxed at their current assessed values — $3.2 million for Jersey Park and $2.3 million for…
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