Thursday, July 26, 2012

Tax exemptions considered for home improvement projects

Members of the Oswego County Legislature’s Community and Consumer Affairs Committee will consider a resolution that would provide a property tax exemption to homeowners who make capital improvements to residential properties.

The committee will consider the matter during Thursday’s meeting, which is generally held Wednesday but had to be moved due to a nuclear plant drill.

According to an informational memorandum submitted by Legislator Dan Farfaglia, the resolution would bring back a program that expired several years ago, however, few residents took advantage of the program.
The proposed law would give residential homeowners the opportunity to make improvements in excess of $30,000 for a 100-percent exemption on the increase in the assessed value attributable to the reconstruction, alteration or improvements for the first year and for the following four years on a sliding scale basis.

The exemption would be limited to $80,000 in increased market value of the property. POST

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