Senate Approves Legislation Authorizing Cities To Offer Tax Breaks For Housing Conversions
Albany, N.Y.-- The New York State Senatehas unanimously approved legislation sponsored by Senator George H. Winner, Jr. (R-C, Elmira) that would authorize the cities of Corning, Elmira and Hornell to offer a new real property tax exemption to encourage the conversion of multiple-dwelling city residences into single-family homes or duplexes.
The legislation was approved by a vote of 61 to 0.
"City officials believe that having the ability to offer this property tax exemption will be an effective tool in encouraging a revival of owner-occupied homes in many neighborhoods. That’s a very desirable community development initiative," said Winner, noting that similar legislation was signed into law for the city of Albany last year.
[see today's article in the Elmira Star-Gazette]
The legislation is sponsored in the Assembly by Assemblyman Jim Bacalles (R-C, Corning) and is currently in the Assembly Real Property Taxation Committee.
If approved by the Assembly and signed into law by Governor George Pataki, the measure would authorize officials in the cities of Corning, Elmira and Hornell, at local option, to establish a real property tax exemption to offset the higher assessment values that usually result from converting a multiple-dwelling residence into a single-family home or duplex. Qualifying buildings would be entitled to a real property tax exemption equal to 50% of the assessed value of the property in the first year following the capital improvement. The exemption would decrease by 5% annually for the following 10 years.