Tax Increment Financing (Local)
The Town of Norwood supports business development. We actively encourage the growth and prosperity of our existing businesses and work to attract new businesses that create good jobs and expand the tax base. As part of this effort, the Town’s Economic Development Committee has used Tax Increment Financing (TIF) agreements to help our existing businesses expand and provide economic incentives for new businesses to locate in Norwood.
The Massachusetts Office of Business Development (MOBD) Economic Development Incentive Program (EDIP) oversees all incentives granted through the EDIP, including "Local Incentive Only" incentives.
Tax Increment Financing Agreements are negotiated agreements between the business and the host municipality. The percentage exemption applies to the incremental increase of the parcel's assessed value.
- TIF’s have a 5-year minimum term with a maximum of 20 years or anything in between.
- The business pays full tax rate on the “base value” of the property.
- An exemption from property taxation on all or part of the increased value accrued due to development (the “increment”).
- The percentage of an exemption (for incremental real and personal property tax value) may range from 5% to 100%.
- Norwood Town Meeting must either grant another body, often the Board of Selectmen, to negotiate TIF agreements on their behalf or vote to approve the TIF agreement themselves;
- Following a favorable vote at Town Meeting, the Town must petition the State Economic Assistance Coordinating Council (EACC Board) for final approval.
If your company is considering moving to or expanding current operations in Norwood, contact Joseph Collins, CEcD, Economic Development Director.
