Town of Owego

OWEGO WEIGHS TAX BREAKS FOR HOMEOWNERS:

Town officials are considering proposals that would grant property tax breaks to first-time home buyers and current homeowners who complete capital improvements on their properties.
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The first proposal would give a five-year tax break to first-time homeowners who build a new one-family house, townhouse or condominium, or renovate an existing house within the town. The property tax exemption would begin at a 50 percent for the first year. It would decrease 10 percent each year thereafter, until the property is at full taxes after five years.
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The second proposal -- for current homeowners who spend more than $3,000 on capital improvements -- would be an eight-year tax break. The taxes would begin at 100 percent exemption the first year and be reduced by 12.5 percent each year until the property is at full value after eight years. Eligible applicants must complete reconstruction, alterations or improvements -- not ordinary maintenance or repairs -- worth at least $3,000.

The proposals are permitted, respectively, by Section 457 and Section 421-f of the Real Property Tax Law.