One of the most direct and immediate benefits the communities along the proposed Northern Pass route will receive is increased property tax revenue. In its first full year of operation, the project will pay an estimated $35 million to $40 million in property taxes. Breaking this down into different categories, it will mean in the first year:
Recently, Northern Pass reached out to all of the incorporated communities along the route to notify them of the expected tax revenue the project will bring over the next 20 years. In Stewartstown, for example, the estimated Northern Pass investment (which is an increase to the town’s tax base) in the first year after construction will be $69.9 million. Once built, Northern Pass will represent 45 percent of the town’s overall property value and yield an estimated first-year payment for municipal and local school taxes of $858,361. That would bring an estimated first year homeowner tax benefit of up to $830 per $100,000 in home value.
Franklin City Manager Elizabeth Dragon said in her pre-filed testimony for the NH Site Evaluation Committee proceedings that the revenue from Northern Pass – between $3.2 million and $7 million – “will have a transformational effect on the City of Franklin.”
“In a community where one out of every two children is living at or below the poverty level, this is huge,” said Dragon. “Revenue from the taxes paid by Northern Pass Transmission will benefit the public by, amongst other things, allowing the city to better fund its schools and maintain its roads.”
Dragon went on to say that the city has been forced to convert some paved roads to dirt to save money, hindering economic development. By adding a substantial source of tax revenue, Franklin can begin to address these challenges, she said.
Here is the range of tax benefits for some other communities along the route.
Allenstown: $443,056 – $848,069
Bethlehem: $842,557 – $1.5 million
Concord: $639,908 – $982,958
Deerfield: $1.7 million – $2.7 million
Northumberland: $435,791 – $793,113
Plymouth: $716,431 – $1 million
Woodstock: $1 million – $1.9 million
To learn more about the infrastructure investment Northern Pass will be making in your community and the tax payments that will result, go to www.northernpass.us/towns.htm.
Includes an improved route with additional underground line and more benefits for New Hampshire.
Today we announced significant changes to the Northern Pass project as part of a newly unveiled Forward New Hampshire Plan. This major development eliminates potential view impacts in around the White Mountain National Forest, the Appalachian Trail, and Franconia Notch area by burying an additional 52 miles of line – for a total of 60 miles of underground line – and eliminating more than 400 structures in this region.
These route changes and the entire Forward NH Plan are the results of conversations we’ve had with people across New Hampshire. They are part of a balanced solution that provides clean, affordable energy our region needs and unique benefits to New Hampshire while also addressing the concerns about potential view impacts.
Beyond additional burial, the Forward NH Plan will deliver more than $3 billion in direct economic benefit to New Hampshire, including 2,400 jobs during construction, $80 million annually in lower energy costs for New Hampshire – as well as additional energy costs savings from a Power Purchase Agreement for Eversource NH customers – $30 million in annual tax benefits and a more than $2 billion increase in the state’s economic activity. The project will also create a $200 million “Forward NH Fund” dedicated to supporting initiatives in tourism, economic development, community investment, and clean energy innovations, with an emphasis on North Country opportunities.