Town Council has approved a new business tax incentive for entrepreneurs who purchase a vacant commercial building to set up a business.
New Business Vacant Commercial Property:
Persons or Corporations, who purchase a building which has been vacant, and open and operate a new business in that building, shall receive the following abatements:
100% exempt in year one
50% exempt in year two
25% exempt in year three
Full taxation in year four
This exemption does not apply to the sale of an existing business or relocation of an existing business.
For more information on tax incentives available for Commercial and Residential property see our Development Page.