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Economic development committee urges selectmen to back five-year commercial/industrial tax exemption
Summary
The Loudon Economic Development Committee outlined a proposed commercial and industrial construction tax exemption under RSA 72:81 to encourage business investment, recommending a five-year sliding relief schedule and public outreach ahead of town meeting.
The Loudon Economic Development Committee presented a proposal to the Board of Selectmen on Tuesday to authorize a commercial and industrial property tax exemption under RSA 72:81 to attract new businesses and expand the town’s nonresidential tax base.
The proposal would let the town grant temporary relief on the increase in municipal and local school property taxes for qualifying new construction or rehabilitation for up to five years. "It's a tax incentive tool to help improve Loudoun's tax base," EDC member Ned Lassotte said during the presentation.
The committee recommended a five-year sliding exemption for the increased assessment on newly developed or rehabilitated property, with…
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