Stonington to considers new tax breaks for farmers
Stonington _ A group of Stonington farmers and residents is requesting the town adopt an ordinance that would exempt farm equipment and non-residential farm buildings of up to 100,000 and individual non-residential farm buildings to the extent of their assessed value to a maximum of $100,000.
Smith said a petition calling for the ordinance is currently being certified by the town. It would then have to be adopted by residents at a town meeting. North Stonington has adopted a similar ordinance.
Smith said that the ordinance would “provide economic incentive and relief to existing Stonington farmers and drive further investment into their local operations.”
In addition, he said the new tax incentives would attract the establishment and support of new farms.
“Growth of land-based agriculture and aquaculture businesses benefit the town by providing both direct and indirect jobs, tax revenue with low demand on town services, preservation of farmland and open space, and provides critical local food security for the Town’s population. The new exemptions under this ordinance provide for growth and strengthening of this business sector which will continue to play an increasingly important economic role for our town, region, and the state,” he wrote in announcing the proposed ordinance.