Legislator Garnar Proposes Local Tax Exemption
Legislator Garnar Proposes Local Tax Exemption
Broome County Legislator Jason Garnar (D-3rd District) will introduce a local law this month which would provide Broome County homeowners with a partial tax exemption for property improvements they complete between March 1, 2011 and March 1, 2012. State Law authorizes local governments to provide this partial property tax exemption to homeowners on the increase in assessed value attributable to reconstruction, alterations or improvements made to residential one and two-family properties.
Improvement may range from a minimum of $3,000 to a maximum of $80,000 to qualify for the exemption which would phase in their increased property assessment over an 8 year period, saving homeowners potentially thousands of dollars in property taxes.
“Broome taxpayers should not be burdened with an immediate increase in property assessment for making improvements to their property,” said Garnar. “Our economy is in tough shape and local governments need to find ways to reduce the costs of homeownership and providing this type of tax exemption is one way we can help people in Broome County do that.”
“Broome taxpayers should not be burdened with an immediate increase in property assessment for making improvements to their property,” said Garnar. “Our economy is in tough shape and local governments need to find ways to reduce the costs of homeownership and providing this type of tax exemption is one way we can help people in Broome County do that.”
In addition to proving tax relief, Garnar predicts this proposal will increase the number of projects that homeowners undertake and will therefore have a positive economic development impact by creating work for local contractors. Broome County Department of Planning and Economic Development records show a decline in building permits for residential alterations, additions and repairs from a 10-year high of 1,993 in 2004 to just 1,541 in 2009. “As chair of the legislature’s Economic Development & Planning Committee, I feel that we must do everything in our power to help spur job growth in Greater Binghamton,” said Garnar.
The exemption covers county taxes only. Other municipalities including school districts may pass a similar law for their property tax assessments by the end of the year to coincide with the county’s. The Town of Union has a similar exemption in place currently. Homeowners would apply for this exemption at their local assessor’s office and would need to submit supporting documentation such as a building permit and receipted bills.
“This exemption will work best if all local governments sign onto it. If and when the legislature passes our own local law this month, I will work with our legislative office to educate and encourage other municipalities to pass a similar law in order to pass further savings on to homeowners,” said Garnar. “I have a feeling that the Chamber of Commerce will strongly support such a law and we will also work with the Broome County Council of Governments to educate other local governments about this important tax exemption. If we all work together it will be a big win for the taxpayers.”
The County Administration and Finance committees will consider this law on Thursday, April 15th beginning at 4.00pm. If the County Administration committee approves the law, the entire legislature will vote on it at their regular monthly meeting on Thursday, April 22.
The exemption covers county taxes only. Other municipalities including school districts may pass a similar law for their property tax assessments by the end of the year to coincide with the county’s. The Town of Union has a similar exemption in place currently. Homeowners would apply for this exemption at their local assessor’s office and would need to submit supporting documentation such as a building permit and receipted bills.
“This exemption will work best if all local governments sign onto it. If and when the legislature passes our own local law this month, I will work with our legislative office to educate and encourage other municipalities to pass a similar law in order to pass further savings on to homeowners,” said Garnar. “I have a feeling that the Chamber of Commerce will strongly support such a law and we will also work with the Broome County Council of Governments to educate other local governments about this important tax exemption. If we all work together it will be a big win for the taxpayers.”
The County Administration and Finance committees will consider this law on Thursday, April 15th beginning at 4.00pm. If the County Administration committee approves the law, the entire legislature will vote on it at their regular monthly meeting on Thursday, April 22.
More information on the exemption, including the criteria and effective dates, can be found on the legislature’s webpage under the Local Laws tab at: www.gobroomecounty.com/legis
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Posted: 4/5/2010 12:48 pm
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