The village of North Syracuse covered two tax issues during its Dec. 23 meeting. The village discussed the nature of section 485-a of the county's real property tax law, an exemption, and decided to give more payment options when it comes to property taxes.
The section of the law was approved by the county but it is up to each community to approve. The residential-commercial urban exemption confines the assessment of improved property to the assessed valuation attributable to improvements.
It was explained to the board that renovated property would only be taxed on the assessed value of its improvements. For example a $400,000 building that has work done assessed at $1,000,000 would pay taxes on the $1,000,000 alone.
The exemption would be transferable with ownership. Whether or not the exemption applied to school taxes would be up to the school district.
Mayor Mark Atkinson called it “a great incentive for developers to invest more into properties.”
“It seems like a pretty good program,” he said.
Although the exemption was thoroughly discussed, action was tabled on the matter until the next meeting.
The board did pass a resolution on how the village would accept taxes. In the past the payments could only be made at the 50 percent or full levels. Now the village offers four payment installments of any amount as long as the initial payment comes in not later than June and the final payment includes the amount due and owing on the whole tax bill.
The next village board meeting is at 6:30 p.m. Jan. 12 on the second floor of the community center.