After holding a public hearing, Van Buren officials approved 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.
Baldwinsville and Onondaga County officials have already passed this law; Lysander and Baldwinsville Central School District officials are currently reviewing it.
“This is a way to encourage mixed use of property,” said Van Buren Supervisor Claude Sykes adding it is a good way for municipalities to be more business friendly and attract new businesses while also better utilizing existing structures.
With this law, municipalities do not lose any tax revenue.
“This simply acts as a stimulus to growth,” Sykes said.
