After a public hearing (no comments received), the Legislature adopted a new Local Law that enacts a new real property tax exemption for capital improvements to residential properties, under Section 421-F of New York State Real Property Law. The vote was 12-2, with Committee Chair Michael Lane and Legislator Henry Granison voting no.
The law provides for an eight-year exemption that phases in the increased value for capital improvements made to one- to two-family residential properties. Such an exemption is already in place within the City of Ithaca and the Town of Dryden. As he has previously, Mr. Lane said that, while the concept is very good in theory, he does not think many will apply for it, and he expects it will add a lot of work for the Assessment Department.