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Municipalities should encourage property owners and developers to obtain a reassessment of the property through the Municipal Property Assessment Corporation (MPAC) upon redevelopment of the site. The assessed value of the property will be the highest, and the tax class may also have changed. This will trigger the maximum potential benefits from Tax Increment Equivalent Grants earlier in the redevelopment process and provide an immediate return on investment. Municipalities should also consider that Land Transfer Taxes need to reflect the current conditions and value of the property.
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