Tax Incentives

Rehabilitation Area Property Tax Deferral

Available to real estate properties located within the designated area of Putnam.
Deferral of assessment increase for renovations of presently deteriorating properties, resulting in an increase to value of at least $20,000.
Depending on proposed value increase, deferral could be from 4-11 years.
Must apply with the Town and be approved by the Board of Selectman prior to commencing work.
Process begins with the Building Department. Click Here for Application

5-year property tax exemption for certain commercial trucks, 2 types:
- New commercial vehicle "transport freight for hire" Gross Vehicle Weight Rating (GVWR) in excess of 26,000 lbs., used exclusively for the interstate or intrastate transportation of freight for hire
- New commercial vehicles with GVWR in excess of 55,000 lbs.
Application necessary to receive the exemption, with supporting documentation required
Filing is with the Assessor's Office

Personal property installed in a manufacturing facility, claimed as either 5 or 7-year property on their federal tax return and the predominant use is for manufacturing. Could be eligible for exemption from personal property tax.
Annual exemption application must filed with annual personal property declaration and submitted on time.
Failure to file results in loss of the exemption. Filing is with the Assessor's Office.

5-year 80% tax exemption for qualifying real estate and personal property, for certain companies, primarily manufacturing.
Facility must be either new construction or expansion.
Must apply with and be approved by the state DECD.
Process begins with Town Economic & Community Development Department. For pre-application click here Questions, call 860-963-6800 ext. 200.