Section 79-E:2 Definitions.
In this chapter:
I. ""Qualifying structure'' means a building located in a district officially designated in a municipality's master plan, or by zoning ordinance, as a downtown, town center, central business district, or village center, or, where no such designation has been made, in a geographic area which, as a result of its compact development patterns and uses, is identified by the governing body as the downtown, town center, or village center for purposes of this chapter.
I-a. ""Replacement'' means the demolition or removal of a qualifying structure and the construction of a new structure on the same lot.
II. ""Substantial rehabilitation'' means rehabilitation of a qualifying structure which costs at least 15 percent of the pre-rehabilitation assessed valuation or at least $75,000, whichever is less.
II-a. ""Tax increment finance district'' means any district established in accordance with the provisions of RSA 162-K.
III. ""Tax relief'' means:
(a) For a qualifying structure, that for a period of time determined by a local governing body in accordance with this chapter, the property tax on a qualifying structure shall not increase as a result of the substantial rehabilitation thereof.
(b) For the replacement of a qualifying structure, that for a period of time determined by a local governing body in accordance with this chapter, the property tax on a replacement structure shall not exceed the property tax on the replaced qualifying structure as a result of the replacement thereof.
IV. ""Tax relief period'' means the finite period of time during which the tax relief will be effective, as determined by a local governing body pursuant to RSA 79-E:5.
Source. 2006, 167:1, eff. April 1, 2006. 2009, 200:5-7, eff. July 15, 2009.