’26 Article 35 – Short Term Property Tax Relief for Commercial Structures Converted to Residential Use

To see if the Town will vote to modify its Community Revitalization Tax Relief Incentive Program previously adopted in 2011 pursuant to RSA 79-E:3 and vote to adopt the provisions of RSA 79-E:4-d and establish property tax relief for buildings or structures currently being used for office use if those buildings or structures are converted to residential use, such area of office use in which the tax relief for qualifying structures may apply shall be designated by the Select Board; and to further give authority to the Select Board to grant short-term property tax relief according to RSA 79-E.  This article does not impact the authority previously granted to the Select Board in 2011 under RSA 79-E.

What it Means:   This Article proposes to establish tax relief for the owners of a building or structure currently being used for office use in whole or in part, if such use is converted to residential use, in whole or in part.  It is another measure aiming to increase the availability of affordable housing in Town. The Select Board will be responsible for granting or rejecting the tax relief application, and if granted, for determining the extent and duration of such relief.

No one spoke for or against this Article at Deliberative Session, other than to explain it.

Fiscal impact: There is no direct tax impact, but to the degree that this Article, if approved, reduces the tax revenue, it will mean that other taxpayers will pick up the difference.