Binghamton, NY – If a proposed change in Binghamton property
takes effect, soon it will benefit home owners looking to improve their
properties. The city is proposing making
a change that affect single or multi-family residences. This change will allow those to upgrade their
homes, they’d still pay their current property taxes, even after they make home
improvements that affect their properly, year after year, they’d slowly have to
pay the adjusted amount of property tax for their changes. Pretty much would allow a home owner to make
the changes, such as adding a new bedroom or adding a new floor to their home,
and be able to continually pay the same amount as they were previously, but year
after year, slowly pay more.
This proposed idea, should promote more families to make
updates to their existing homes to support their families. This proposed idea will also have an impact
on the local handyman and general contractor market. People will want to take advantage of this
possible rule enactment, and benefit from lower taxes.
Councilman Chris Papastrat, is the man who has come up with
this great idea, and he’s from Republican lead District 5. The council is expected to vote on this idea
and proposal on September 4th, 2013.
Some things that a homeowner in the city of Binghamton New
York, should know about this proposal is that it only affects alterations or
improvements to the property. So if like
we previous mentioned, if your family is growing, and you could really use a 2nd
bathroom or a new bedroom, you could definitely benefit from this
exception. If you however, would like to
fix your air conditioning unit, or to fix a plumbing issue, this proposal will
have no impact on your property taxes.
New York, is known for their older houses, so this is a
great chance to save on your property taxes to improve upon your home. Also those that are in the house flipping
industry, may find this incentive also great, because you can improve upon the
property that you purchase, and improve the house, and then pass on the
property tax savings to those that purchase the property from you.