What can local governments do to help get people to shop locally and invest in their towns and cities? Well, Marlboro Township thinks that Property Tax Credits will do the trick!
Consumerist.com reports that town officials think this is the first program in the country that encourages residents to shop at local businesses by offering deductions on annual property tax bills. Introduced last fall, it’s set up like a grocery store’s loyalty reward program.
Residents sign up for free and get a card to show at about 40 businesses in the area. They don’t get a store discount but they do get credits based on how much they purchase which are then used to reduce their tax bills. Spend $200, get a credit of 10% of that amount and $20 comes off your bill. Amazing, right? I think this is a really great way to drum up business for struggling towns.
According to Consumerist, the township’s mayor says that, since September, 1,200 of Marlboro’s 40,000 residents have signed on to the program. The total savings has only been around $10,000, though the mayor claims to have saved $250 already on his own property taxes.
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