Bill > H2662

This bill allows cities and towns to establish programs offering tax relief for contaminated real property, often referred to as "brownfields." Specifically, municipalities can enter into agreements with property owners to reduce or eliminate property taxes for up to seven years if the property has been contaminated with oil or hazardous materials, the owner is not considered an "eligible person" under state law (meaning they are not responsible for the contamination), and the owner agrees to clean up the site to redevelop it. This tax relief is contingent on the cleanup process continuing and being completed, and it stops if the property is sold unless the municipality agrees otherwise, though they can include provisions to recoup some of the abated taxes. Additionally, municipalities can forgive delinquent property taxes for buyers who undertake approved cleanup actions on abandoned or brownfield properties, or they can agree to keep the property's tax assessment at its pre-cleanup level for up to seven years if a cleanup is underway and approved. Municipalities must notify the state's environmental protection and revenue departments within 30 days of granting any such tax relief or fixed assessment.