Tax Incentives

Forman's Commercial Property Tax Incentives

Renovation or Rehabilitation of a Business:

Cost of renovation must be at least 15% of true and full value of property. Payment in lieu of taxes offered:

0% payment year 1

50% payment year 2

100% payment year 3

Expansion of Current Business:

Proposed expansion must be at least 20% of the current footage of existing structure(s) of the business. Property tax incentives:

0% for years 1-2

25% year 3

50% year 4

75% year 5

100% year 6

Creation of New Business:

Council may take into consideration existing businesses of same type and whether competition will create a notable hardship for those entities. 

Tax incentives:

0% years 1-3

50% years 4-5

75% years 6-7

100% year 8