Residential Tax Stabilization Incentive
With the purpose of redeveloping the current inventory of vacant and blighted residential properties citywide the RRA, with support of the administration and Board of Aldermen, has created an incentive to encourage private investment in vacant and blighted dwelling units.
Following voter ratification in the spring of 2014 the RRA drafted a Tax Stabilization Policy for Vacant/Blighted Residential Property which was subsequently approved by the Board of Aldermen. This policy is meant to encourage future investment by exempting the value of improvements made to blighted residential properties from municipal property tax as allowed under 32 VSA 3847 and 32 VSA 3850.
By capping a blighted properties municipal tax liability, based on its true market value at time of purchase, it is envisioned that a tangible financial incentive has been created which will spur future investment.
To view the policy and application please use the links below: