On April 11, a special town meeting was held at the Stonington High School to adopt as an ordinance,
Connecticut General Statute 12-91, parts b and c that would reduce property taxes on farm equipment and nonresidential farm buildings. The residents in attendance unanimously passed this ordinance that will provide additional tax abatements to farms.
Part a of this statute is already in effect and allows a property tax exemption on farm equipment to a total of $100,000.
Part b of this statute would permit the town to exempt property taxes on farm equipment up to an additional $100,000.
Part c would permit an exemption on individual farm buildings, not including the farmer’s residence, to their assessed value to a maximum of $100,000.
Farmers must apply yearly for these exemptions. Farms must have $15,000 in agricultural revenue or expenses to qualify for the abatements.
These new tax incentives will allow Stonington farmers to invest more in their operations and will help attract new agriculture and aquaculture businesses and associated jobs and preserve farmland and open space.
