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Administration proposes pilot to reimburse towns for property-tax losses after flood buyouts
Summary
Agency officials described a pilot that would reimburse municipalities for municipal portions of property tax lost when flood-damaged properties are permanently removed through buyouts. The proposal would cover 100% of municipal tax revenue for five years, then 50% for five more years, while towns transition land to public open space.
Agency officials described a pilot program on Feb. 26 that would reimburse municipalities for a portion of municipal property tax revenue lost when flood-damaged properties are permanently removed through buyouts.
Douglas Farnham, chief recovery officer, said the concept aims to remove a principal barrier towns face when approving buyouts: the immediate loss of taxable property that municipalities rely on to balance annual budgets. “When the municipality agrees to a buyout, they have to agree that that property can only be public…
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