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March 15, 2018

Oswego County Legislature Extends Gradual Tax Exemption for Home Improvements

OSWEGO COUNTY - The Oswego County Legislature has extended a partial tax exemption to homeowners who make capital improvements of $5,000 or more on their residences. The exemption is limited to $80,000 in increased assessed value, based on the increased market value due to reconstruction or improvement projects.

First adopted in 2015, the Legislature voted Thursday, March 15, to extend the home improvement exemption until 2028.

The gradual tax exemption for home and building improvements applies to 1-and 2-family homes. Construction projects must be at least $5,000 or more in value. The exemption does not apply to ordinary repairs and maintenance.

Legislator David Holst, District 4, Amboy, chairman of the Legislature's Government, Courts and Consumer Affairs Committee, said the majority of the building, as measured in square feet, must be at least five years old.

"The purpose of this program is to encourage homeowners to increase their property value by making improvements to their existing homes," said Legislator Holst. "The program allows homeowners to receive a 100 percent exemption for capital improvements during the first year, and gradually decreases to 12.5 percent exemption in the eighth year."

The existing gradual tax exemption was set to expire March 12. The Legislature's Government, Courts and Consumer Affairs Committee sponsored the resolution to extend the measure for 10 years. In addition to Legislator Holst, the committee includes legislators Richard Kline, District 12, Pennellville, vice chairman; Thomas Drumm, District 16, Oswego; Heather DelConte, District 18, Volney; Nathan Emmons, District 15, Oswego; Linda Lockwood, District 11, Volney; and Terry Wilbur, District 21, Hannibal.

Property owners should apply for the exemption through their local assessor, using a form designated by the state Department of Taxation and Finance. The form is available on-line at https://www.tax.ny.gov/pdf/current_forms/orpts/rp421f_fill_in.pdf. A list of local assessors is posted at http://oswegocounty.com/rpts/assessors.html.

For additional information, contact the Oswego County Real Property Tax Service weekdays at 315-349-8315 or visit http://www.oswegocounty.com/rpts.shtml.


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