Proposed Property Tax Changes in Binghamton NY

Posted a few years ago by John Morrison - No Comments

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.

 

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