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Gates Considers Tax Break for Renovations-D&C Article-February 2, 2014

Gates considers tax break for renovations
Meaghan M. McDermott; Staff Writer

Residents of Gates who renovate or add on to their homes could get a tax break under a proposal under consideration by the Gates Town Board.

Town Supervisor Mark Assini said a public hearing on the proposal will be held Monday, and he expects the board to vote on the plan after the hearing.

“What we’re trying to do is give the homeowners a bit of a break,” said Assini, a Republican who announced earlier this month that he will make a bid for Congress this year, running against U.S. Rep. Louise Slaughter, D-Fairport. “You hear a lot about COMIDA and tax breaks for companies, but there’s very little for homeowners. This is a general break for families renovating their homes.”

Currently, if a property owner renovates his or her home, the home’s assessed value would rise for the following year’s tax roll. But if the Gates proposal is adopted, that increase would phase in over five years.

The minimum qualifying construction cost would be $3,000, with a cap of $50,000.

Assini said the break could save a taxpayer from $50 to $800 over the five-year phase-in.

“It’s about giving a break to the little guy,” he said.

School tax and county tax, as well as special district taxes, would not be subject to the tax abatement.

The board will meet at 7 p.m. Monday at Town Hall, 1605 Buffalo Road.

http://www.townofgates.org/

http://www.democratandchronicle.com/story/news/2014/02/02/gates-considers-tax-break-renovations/5165643/