Kinda like a PILOT deal for Plebeians. Sorta. Well, not really, but....it's a tax break for the "regular folk" who own residential units and improve them.
Basically, it's an 8 year term, with a 100% exemption in year one (1), with gradual decreases in percentage until year eight (8) when it is 12.5%.
Of course, there are stipulations - Must be a residential building housing no more than two (2) families. Improvements must be more than $3,000 and at the end of the 8 year term limited to a maximum of $80,000 in increased market value. The larger portion of the home (sq. ft.) after the improvements must be at least 5 years old, and applications must be filed on or before the appropriate taxable status date. Here's a link to the proposed legislation.
Referral - Tax Exemption for Home Improvement
Sounds nice, doesn't it?
I do appreciate that there are legislators out there who are working on, and thinking about, ways to lower the property tax burden for regular ol' residents like me. Honestly, I do! Just the fact that they are thinking about it, and actually writing up legislation for it gives me hope!
But, in talking with a friend about this - they made some very good points, and I'll just copy and paste their comments below.
"Problems: The Law says "increased market value" due to the work. Problem is doing home improvements seldom increases Market Value by the same amount of the project cost. In fact to prove "Market Value" there would need to be an Appraisal. The government will never believe the taxpayer just saying the market value is up.
Plus it seems to contradict itself saying "shall not be eligible for exemption"...
IT says the MARKET VALUE Shall be equal to the increased Assessed value. That never happens.
It is a good plan but very poorly crafted"
I don't know when/if there will be a Public Hearing on this proposed local law amendment, but as soon as I find out, I will let you know.
What do you think about this proposal?
2 comments:
Given the proposal is from County Democrats it is highly unlikely that it will ever see the light of day. That is how it works in the County Legislature most of the time.
Anonymous @ 8:52 -
Tell ya what - if the public thinks this is a good idea, and if we study it and think it DOES benefit property owners significantly - then we should get our collective @$$&$ to a meeting and let them know, quite convincingly, that the County Legislature should consider this.
Personally, I don't care "how it works in the County Legislature".
That kinda Dem vs Repub $#!t has GOT to change! If it's in the best interest of taxpayers, then all of them should see to it that it sees the light of day.
They work for US, and WE dictate "how it works". Well, it's supposed to be that way.
I am sick and tired of the Dem vs Repub petty drama, and I don't know about anyone else, but I'm ready to elect people who actually work FOR the plebeians. Not to fight some stupid battle over who wields the power and who wants to wield the power.
Stop the $&#^@( games, and get to work. I'm not paying them to sit around and blame each other for why something did or did not "see the light of day".
I know I'm not the only one who is sick of that crap either.
Good ideas come from both Republicans and Democrats - and good politicians will recognize that. Typical politicians won't.
Guess which ones I'll be voting for?
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