September 27, 2021

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Design real estate

Taxation of Pease tradeport homes defined

PORTSMOUTH — The entrepreneurs of the buildings at Pease Global Tradeport don’t individual the land on which all those buildings sit.

There are two solutions by which tenants shell out for their municipal products and services to the city of Portsmouth, city of Newington and the park’s landlord, the Pease Advancement Authority.

Based on where by they are in the tradeport, they pay out a municipal support cost or a payment in lieu of taxes. Absolutely everyone would make a annually ground lease payment to the PDA.

In the area bounded by New Hampshire Avenue, Worldwide Generate and Corporate Drive – the organization commercial zone – most but not all constructing proprietors have a payment in lieu of taxes, or PILOT. They get a invoice from Portsmouth that reflects the worth of the developing only.