When does a brownfields propertys five-year period of tax exclusion begin?
An owner of land is entitled to the partial exclusion provided by this section for the first five taxable years beginning after completion of qualifying improvements made after the later of July 1, 2000, or the date of the brownfields agreement. The five-year period begins the first January following the completion of the improvements.
Related Questions
- If a property is sold after its tax exclusion period begins, should current year taxes be prorated privately between the buyer and seller (i.e. at the closing of the property transfer)?
- If a property is subdivided after its five-year tax exclusion begins, does the owner of the new parcel get the remaining years of exclusion?
- When does a brownfields propertys five-year period of tax exclusion begin?
