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Incentives

The Town of Norwood supports business development. We actively encourage the growth and prosperity of our existing businesses and work to attract new companies that create good jobs and expand the tax base.

In Massachusetts, municipal governments are permitted to offer two types of traditional incentives: "Tax Increment Financing (TIF)" and "Special Tax Assessment (STA).

  • Tax Increment Financing (TIF) is a negotiated agreement between a business and the host municipality. The percentage exemption applies to the incremental increase of the accessed value of the parcel, and the agreement may include exemptions on personal property tax.  
  • An STA is a negotiated agreement between a business and the host municipality that applies to the entire assessed value of a parcel, not just the increment. Current, as well as future local tax revenues, are exempted. An STA's negotiation and approval processes are the same as the TIF process.
The Commonwealth of Massachusetts offers a wide variety of incentives, as well.