Rehabilitation Area Property Tax Deferral

How it works

The Town of Putnam offers a Rehabilitation Area Property Tax Deferral for real estate located within a designated area of town. The purpose is to encourage renovation of deteriorating property by deferring the assessment increase created by the work.

What the money covers

This is not a cash payment, rebate, or reimbursement for repairs. Instead, it delays the property tax impact that would normally come from a higher assessed value after renovation.

Amounts and timing

• The renovation must result in an increase in value of at least $20,000.
• Depending on the proposed value increase, the deferral may last 4 to 11 years.
• The town says applicants must apply and be approved before commencing work.
• The process begins with the Building Department.

How to apply

The page says the project must be approved by the Board of Selectmen before work starts. A Click Here for Application link is provided on the page, but no additional application instructions or supporting document list is spelled out in the page text.

Timing and deadlines

• Approval is required prior to commencing work.
• The page does not list a closing date, funding deadline, or annual application window.