Lysander officials have approved a local law designed to attract business development in the town.
After holding a public hearing Thursday, Oct. 13, officials voted to approve the law, which gives a sliding scale tax break to those constructing a new business in the town or those who are renovating an existing business. Business owners who successfully apply for the exemption would receive a 50-percent exemption on the value of the new construction or renovation only the first year and a five percent decrease every year after for up to 10 years.
Not everyone favored the law.
“Businesses are income generating and should be taxed to the full extent,” said Lysander resident Jim Stirushnik.
Supervisor Barry Bullis said the town was approached by a business that is considering building a facility in Lysander and that requested the town consider the law.
“If it is a factor for a business moving here, I’m with it,” he said adding the exemption would amount to approximately $330 for a business that adds $500,000 in assessed value to a property.
