Key Points about Tax Abatement in Mansfield:

1. Eligibility:

   • Typically, the business must make a significant capital investment and create new jobs.

   • The project must be located in a designated reinvestment zone or a targeted area of the city.

2. Abatement Terms:

   • Property tax abatements may cover up to 100% of the increased value of a property due to new construction, renovations, or improvements.

   • The duration of the abatement is usually 5 to 10 years, depending on the scale of the project and the economic impact.

3. Job Creation:

   • Businesses may need to create a certain number of new, full-time jobs to qualify for the tax abatement.

   • Jobs should offer competitive wages to ensure a positive economic impact on the community.

4. Application Process:

   • Businesses must apply to the Mansfield City Council for approval of the tax abatement, often submitting a business plan, financials, and other supporting documents.

   • The city evaluates the potential benefits of the project, including job creation, investment, and overall economic impact.

5. Compliance:

   • Businesses must meet performance requirements throughout the duration of the abatement, such as maintaining employment levels and investing in property improvements.

   • Regular reviews or audits may be conducted to ensure compliance.

Benefits:

Tax abatements in Mansfield can provide substantial savings, enabling businesses to reinvest those funds into operations, expansion, and workforce development. By reducing tax liabilities, businesses are better positioned to grow and succeed.

If you're considering applying for a tax abatement in Mansfield, it’s recommended to contact the Mansfield Economic Development office for detailed information and assistance throughout the application process.