path for a sustainable future

B’ville aims for Smart Growth Planning with new law

Baldwinsville — Village officials recently passed NY RPT Law 485-A, which allows an eight-year exemption on property taxes (plus four additional years of reduced taxes on a sliding scale) for improvements made to the residential portion of a mixed-use property. The law is designed to revitalize development in urban areas and does not affect the taxpayer because without the potential investment and improvement, there are limited taxes to collect.

“Property taxes are high in New York State,” said Mayor Joseph Saraceni. “This law would encourage property owners to invest in their property without fear of property taxes, which would give them time to find tenants for the renovated space.”

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Posted in: Public Involvement