How do property tax incentives work?

Property tax incentives are programs put in place by local governments in New Hampshire to incentivize certain activities or activities in certain areas. These incentives are usually offered as either local or state property tax credits or abatements. Local property tax credits are when a local government allows a property owner to reduce their property taxes by a certain percentage for a certain activity or for land in a certain area. This is usually offered as a way to encourage development in areas that are already developed, such as in downtowns or on brownfields. State property tax abatements are when the government reduces or eliminates a portion of the property tax burden for certain activities. Most commonly, this is done for businesses or organizations that are creating jobs and/or community development projects. Both local and state property tax incentives are designed to encourage economic activity and development in New Hampshire. They also provide businesses with an incentive to stay and invest in the state, as well as encourage new businesses to come to the region. Incentives are usually short-term and only for certain activities or times, but they can help the local economy in New Hampshire significantly.

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How do property tax incentives work?

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