Downtown Nashua Tax Relief Incentive

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.

Eligibility

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

Application Process

• 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.