Princeton approves tax cuts for new builders
By Staff Reports
Published in News on October 14, 2010 1:46 PM
PRINCETON-- The Princeton Board of Commissioners voted earlier this month to accept a proposal to offer tax incentives for residential and commercial homeowners.
Under the proposal, people looking to build a new home in the town's new areas of development can apply for a two-year tax break, or for a four-year tax break if building within the town's older neighborhoods. A minor commercial development can also apply for a two-year tax break if in a new development, or a five-year if in a downtown area. A major commercial development -- one with a tax footprint of $750,000 or more -- can apply for a five-year sliding scale tax break, regardless of where it is.
Town Administrator Marla Ashworth explained the scale would be 100 percent in year one, 80 percent in year two, 60 percent in year three, 40 percent in year four and 20 percent in year five -- the equivalent of a three-year tax break spread out over five years.
For all residential
construction, all required permits must be obtained within 90 days of approval notification, with construction completed within 180 days.
For all commercial construction, all required permits must be obtained within six months of approval notification, with construction completed within one year.
The program, Ms. Ashworth has explained, is simply an attempt to bring people and businesses into Princeton.
"It's an experiment," she has said. "It's just something to give us an edge."