Rochester, New York – March 21, 2012. Democrats in the County Legislature today submitted a proposal offering residential property homeowners an exemption from property taxes when homeowners make improvements that increase the assessed value of their properties. The proposal will encourage improvement to the housing stock in the County while allowing qualified homeowners to not suffer the adverse impact of increased taxes resulting from an increase in the property’s assessed value.
Deputy Minority Leader Vincent Esposito (D-Irondequoit), sponsor of the tax relief legislation, said, “This proposal will provide homeowners with an opportunity to increase the value of their property through improvements without having to be penalized by increased county property taxes. “In addition it will provide a boost to the local construction industry at a time when we need more jobs and economic activity.”
Under the proposal, an increase in assessment that results from a home improvement would be phased in over an eight year period. Homeowners would be limited to $80,000 in improvements; any amount over $80,000 would not be covered by this proposal.
The proposal will be voted on during the March 26 meeting of the Agenda Charter Committee. The meeting begins at 5pm and is open to the public.
Legislator Esposito will be available from 10:00 am through 12:00 pm today for interviews. Please call 585-753-1940 to schedule an interview.
Please find the proposal attached.