Property owners who intend to substantially rehabilitate a building located in Downtown Nashua may apply to the City of Nashua for a period of temporary tax relief. The Community Revitalization Tax Relief, if granted, is a finite period of time during which the property tax on the structure would not increase as a result of its substantial rehabilitation (between 5 and 13 years). In exchange for the relief, the property owner grants a covenant ensuring there is a public benefit to the rehabilitation. Following expiration of the finite tax relief period, the structure would be taxed at its full market value, taking into account the rehabilitation.
A property owner can apply for the tax relief only if:
The building is located within the boundaries of the Downtown Nashua Community Revitalization Tax Relief District
The rehabilitation costs at least 15% of the building’s pre-rehab assessed value, or $75,000, whichever is less, and
The rehabilitation is consistent with the Downtown Nashua Master Plan and the development regulations of the City of Nashua
Completed and signed applications may be forwarded to the Office of the Mayor-Economic Development. Staff will forward the review the application and forward it to the Board of Aldermen along with a recommendation.
The Board of Aldermen will review the application, schedule a public hearing and render a decision on the application no later than 45 days following the public hearing.