Home Improvement Tax Exemption
Troy Mayor Lou Rosamilia recently announced how homeowners who invest more than $3000 in their one- or two-unit homes can get a property tax exemption that is then phased in over 8 years. The city’s Home Improvement Tax Exemption (City Code §257-32 to §257-36) became law in 2006 (along with a companion Historic Property Improvement Credit; City Code §257-37 to §257-39). However, it has barely been used, so the mayor is reminding Troy homeowners of its availability.
The City has prepared a brochure projecting investment in typical vacant, foreclosed property, highlighting the cost savings to prospective property owners and the savings in property taxes over 8 years. “The numbers are very telling. An investment of $75,000 in a home assessed for $25,000 would result in an increase in taxes of $825 per year. The Home Improvement Tax Exemption would phase in the assessment increase of $75,000 equally over an 8 year period. This gradual increase would save the homeowner $3,716 over the life of the exemption. This program benefits the homeowner and the City,” continued the Mayor.
The brochure is available through the City Assessors office at (518) 279-7126 or learn more online at http://www.troyny.gov/Departments/EconomicDevelopment/ecodevprogramsincentives.aspx