Plainfield, NJ to Hold Workshop on PILOT Tax Exemptions
Everything Plainfield Business Owners Need to Know
What is a PILOT Program?
A PILOT (Payment in Lieu of Taxes) program is a contractual agreement between a municipality and a developer that provides tax relief to the developer in exchange for a payment to the municipality. PILOT programs are often used to encourage development in blighted or underdeveloped areas.
In Plainfield, the PILOT program is administered by the city's Economic Development Department. The program offers a 10-year property tax exemption to developers of new commercial and industrial properties. To be eligible for the exemption, developers must meet certain criteria, including:
- The property must be located in a designated redevelopment zone.
- The property must be used for commercial or industrial purposes.
- The developer must make a minimum investment in the property.
Workshop Details
The City of Plainfield will host a workshop on Saturday, March 11, 2023, to provide information about the PILOT program to business owners and developers. The workshop will be held at the Plainfield Municipal Building from 9:00 AM to 12:00 PM.
The workshop will cover the following topics:
- Overview of the PILOT program
- Eligibility requirements
- Application process
- Benefits of the program
Business owners and developers who are interested in attending the workshop can register online at www.plainfieldnj.gov/pilot.
Benefits of the PILOT Program
There are several benefits to participating in the PILOT program, including:
- Reduced property taxes
- Increased investment in the community
- Job creation
- Economic development
The City of Plainfield encourages business owners and developers to attend the workshop to learn more about the PILOT program and how it can benefit their businesses.
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