by Carol Thompson
Oswego County Legislator Dan Farfaglia would like to see the return of a program that allowed a tax exemption for home improvements.
“When this option was available previously, homeowners were exempt from paying the full amount of the increased assessed value until five years after completion,” Farfaglia wrote in a memorandum to members of the legislature’s Community and consumer Affairs Committee.
“Under that law, in the first year of the increased value of the home, the owner paid no additional property taxes. Beginning in the second year, they paid a small increased amount. Gradually the amount paid increased every year and by the time the sixth year arrived, they were paying the full assessed value of the home.”
In these difficult economic times, Farfaglia said he believes it is in the best interest of county residents to bring the program back. He added that he would like to see the exemption extended to eight years.
The freshman legislator noted that Monroe County has a similar program under consideration.
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