PILOT Agreements (“Payment in Lieu of Taxes”) are used in circumstances where the real property would normally be exempt from paying real property taxes but the owner and Town agree on a schedule of tax payments which result in a steady tax revenue for the Town through a structured tax payment.  The amount paid is generally less than what the project would normally pay if the property were assessed at full value but more than if the property were left in its present condition.  PILOTS are used as a tool to stimulate economic development by providing developers with incentives to create or retain jobs, build or renovate properties that otherwise would be underutilized, revitalize distressed neighborhoods and promote economic growth. 

Click here to view a copy of the Agency's Uniform Tax Exemption Policy