How Does a PILOT Work? Ulster County

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Presentation transcript:

How Does a PILOT Work? Ulster County Benefit offered to developer to incentivize project Payments to municipalities/school districts Year 1 Project improvements completed, property value increases, PILOT begins. Year 10 PILOT fully phased out. Property owner pays full taxes at new, higher value. $ 485-b exemption Payment In Lieu of Taxes (PILOT)* Future Annual Property Taxes Current Annual Property Taxes Current Annual Property Taxes Before PILOT PILOT Period After PILOT Ulster County OFFICE OF ECONOMIC DEVELOPMENT County Executive Michael P. Hein * Assumes project receives 9-11 points on PILOT Points Calculator (see www.ulstercountyida.com)