To the Editor: There are hundreds of exemptions in the real property tax world. For folks looking to fix up their property, the exemption to use is the 421-f capital improvement exemption. This …
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To the Editor:
There are hundreds of exemptions in the real property tax world.
For folks looking to fix up their property, the exemption to use is the 421-f capital improvement exemption. This applies to one and two family houses that have undergone renovations/improvements. This exemption is applied for homes older than five years old.
Some improvements do not qualify such as detached garages, outbuildings and pools. It generally covers most renovations associated with the home itself or the improvements attached to the house.
This abatement is meant to encourage folks to fix up their home by providing tax relief on a sliding eight year-term. The first year the increase in assessed value is 100% exempt. For the next seven years the exemption diminishes by 12.5% each year.
Check your local assessor’s office to see further details and whether or not your taxing jurisdiction allows for this exemption. Exemptions can be filed through your local assessor’s office.
Deadline to file the exemption is by the taxable status day March 1 of each year. Applications and an instructional page are available at the Town of Potsdam Assessor’s Office. You can also find the forms on the New York State Department of Taxation and Finance Website.
James P. Snyder
Assessor for the Towns of Potsdam and Morristown