A TIF exempts some or all of the increased value that accrues upon remediating and redeveloping the property, in conjunction with job creation. TIFs are available within EOAs, within established ETAs. A TIF is also available in areas outside of an EOA or outside an ETA, provided the project has been designated an Exceptional Economic Opportunity. The STA allows for negotiation of the entire property tax assessment including pre-rehabilitation values. Projects receiving STA are not exempt from local personal property tax.
Limits apply including limited carry forward of credits and recapture provisions.
There is no formal application. 63 MGL 380. DOR, Division of Local Services No. Informational Guideline Release. Participation in this program is entirely dependent upon the municipality's willingness to extend a TIF or STA to a particular project.