continued Van Buren Supervisor Claude Sykes said the town is considering this exemption and officials are awaiting recommendations from the town’s planning and zoning boards.
“This is different than most exemptions in that this is for improvements and the relief is on something new that was never previously taxed, where other exemptions are for existing circumstances and someone else has to make up the amount deferred to the exemption,” Sykes said. “In other words you don't miss anything you never had.”
Sykes said recommendations from the boards are expected within a month.
Lysander Supervisor John Salisbury said he is also interested in the program and presented it to the board this month during a work session.
Should the towns decide to pass the law, it would mean, “Baldwinsville is open for business,” Saraceni said. “This will open the flood gate for mixed use properties in the village.”
NY RPT Law 485-A details
The law states “an eligible conversion must have a cost in excess of $10,000” and “exemption does not apply to ordinary maintenance and repairs.” The exemption base is the increase in assessed value attributable to the improvements. For the first eight years, the property would be 100 percent exempt from taxes for the assessed value of improvements. At nine years, the property would be 80 percent exempt; 10 years, 60 percent exempt; 11 years, 40 percent exempt; 12 years, 20 percent exempt; and at 13 years, the property owner would pay taxes on the full assessed value of the entire property.
For more information about the law, visit the village web site at baldwinsville.org.