Portsmouth's Program

Tax Stabilization Program for Added Investment in Property
 For expansion or renovation of an existing facility, or construction of a new facility in the Enterprise Zone, the percentage of new added taxable assessment shall be exempt from town property taxes as follows:
 Year  % Exempt From Taxation
 Year 1  100%
 Year 2  80%
 Year 3  60%
 Year 4  40%
 Year 5  20%
 Year 6  0%

Starting in year six, the new added value will be taxed at the normal rate for the town. The tax exemption will not apply to the value of the land. Leasehold improvements will be classified as tangible personal property in order to qualify, as long as they are attached to the building.

The Town Council reserves the right to negotiate additional tax stabilization for certain major vacant industrial properties on a case-by-case basis.

The success of a business is based on the support of the community.

  • Certification of businesses for the state as well
  • Advice and assistance on application and related programs
Federal Funds for Physical Improvements
  • Feasibility study addressing septic and sewer issues throughout the town
  • Island Park Playground was completed in 1997
  • New sidewalks, landscaping, removal of utility poles, and street improvements on Park Avenue have been funded and are awaiting RIDOT and utility company timing
  • Pursue other appropriate grants for economic development
Railroad Reactivation
  • Continued efforts to have rail line used for freight and tourism
Booklets on Permit Process
  • Help clarify basic rules, procedures, approvals needed, contacts for assistance
Island Park Facade Improvement Grant
  • Enhancements to business properties on Park Avenue
  • Includes professional architectural advice
Information on State and Federal Programs
  • Businesses available upon request from the Director of Business Development
Economic Development Committee
  • Help represent concerns of business community, foster economic development, do specialized studies and projects, and advise the Town Council and other town committees
Promotional Materials
  • Covering the town, its economic development programs, facilities, and businesses
Technical Assistance Pool
  • Call 401-847-1600
  • Reduced cost consulting through the Chamber of Commerce
Wholesale Inventory Tax Exemption
  • Portsmouth has eliminated property taxes on wholesale inventory