New Britain Real Estate

All City and state offered programs and incentives can be found in our Economic Development Toolkit.

New Britain participates in the statewide Enterprise Zone Program, which allows businesses to receive tax incentives to develop in specific areas of the City.  These designated areas are eligible for incentives to residential, commercial, and industrial property owners and potential developers interested in:

• Expansion
• Renovation
• New Construction
• Business Incubator
• New Restaurant Ownership
• Housing
• 2^nd New Britain business location. 

Through our municipal ordinances (Sec. 22-10 Enterprise Zone Benefits), a property may be eligible to defer assessment increases resulting from construction or rehabilitation for a seven-year period. Please note that is highly recommended that discussions with both the City’s Enterprise Zone coordinator and City Assessor happen before the commencement of the project.

Real Property Assessment Deferral: The Seven Year Real Property Deferral (EZ) Schedule is as follows:

Year 1             100% deferral
Year 2             100% deferral
Year 3             50% deferral
Year 4             40% deferral
Year 5             30% deferral
Year 6             20% deferral
Year 7             10% deferral

NOTE: An application for approval must be approved by the Assessor’s Office prior to a Certificate of Occupancy is awarded to the building owner.

Enterprise Zone Addresses

Opportunity Zones were created under the 2017 Tax Cuts and Jobs Act to encourage long-term investment in low-income, economically distressed communities. Investors can defer tax on any prior capital gains when they reinvest in a Qualified Opportunity Zone (QOZ) fund within 180 days of the asset sale.  The three most important incentives assisting the investor are the following:

• Capital gains and money reinvested in an Opportunity Zone will be temporarily deferred
• The taxes on the capital gains may be reduced if the Opportunity Zone investment is held for at least 5 years, and further reduced if held for 7 years
• Capital gains on the investment held for at least 10 years may even be eliminated

Eligible projects may include:

• Real Estate – projects may be new or existing building in need of substantial renovation that may include; single and multi-family housing, commercial, retail industrial and mixed use developments.
• Energy Related Projects – energy efficiency and renewable projects may qualify.
• Businesses-Business investments can include growing businesses that are willing to take equity investors either as control or non- control businesses. At least 70% business should operate within the zone and 50% of revenue derived from sales within the opportunity zone.

For additional information on Opportunity Zones, please visit:

portal.ct.gov/ChooseCT/Opportunity-Zones

The City of New Britain’s Business Assistance Loan can provide financial assistance to business and commercial property owners with a low-interest loan. Use of fund can be used for façade renovations, code improvements, leasehold improvements, and the purchase of fixtures, machinery, or other equipment. To be eligible, the business must create or retain jobs.

Business Assistance Loan Brochure

The City of New Britain recently initiated the TIF program to assist businesses with financing, lease rebate and code correction.  The focus of this program is to:

• Retain and bring new business to the Downtown Core Business District
• Create employment opportunities
• Assist prospective tenants in leasing arrangements
• Assist property owners in recruitment for available space
• Provide the opportunity to upgrade commercial properties

TIF Revolving Loan Program: The City of New Britain will offer a low interest rate in addition to flexible terms for qualified applicants.  Fixed assets, workspace improvements, inventory and additional uses will be considered on a case-by-case basis.  Start-up businesses may be eligible. 

Lease Rebate Program: Intended to stimulate new commercial tenants in assisting with subsidizing multi-year leases between tenant and landlord. The rates will be negotiated on a percentage per square foot basis. The program may also be used in conjunction with other incentives based upon a combination of the eligibility of the landlord, tenant, and facility.

Code Correction Program: The intention of the program is for property owners to upgrade their property to today’s code standards for optimal safety compliance, and to insure a valid certificate of occupancy is in place. Additionally, this optimizes the best and highest lease rates for a prospective and/or current tenant.

There is an application that must be filled out and reviewed prior to approval.  The TIF District is a designated and only eligible for addresses within a specified area.  Applications can be emailed to you or found here:  CoNB TIF Application