Image from JamestownNY.net
JAMESTOWN – Individuals who purchase and fix up dilapidated or condemned properties in Jamestown will now be able to apply for new tax credit.
During Monday night’s City Council Meeting, Jamestown Development Director Vince DeJoy and Mayor Sam Teresi went over details of the city’s new Local Property Tax Abatement Incentive, which is available to those who are willing to rehabilitate, update, expand, or improve their outdated or deteriorating houses for owner occupied use.
The program was initiated by the city in 2017 after councilwoman Marie Carrubba shared details of a similar plan available in some communities in Erie County. In April the state legislature gave its approval for the launch of the program, with the governor signing off on it in the summer.
Under the program, city property taxes on qualifying properties would be waived the first two years after renovation work is completed, with the tax then being phased in gradually over the next 9 years.
Teresi said officials don’t expect it to be a high-volume program, but it will be another option to turn to when it comes to addressing abandoned or condemned homes.
“The goal here was in a micro sense, not a macro sense, to avoid some demolition costs the city would otherwise have to front. Help folks get into structures that are good candidates, and not all structures out there that are abandoned or condemned are going to be good candidates for this program,” Teresi said. “This may only be one or two or three homes a year, but it’s one or two or three homes a year that the tax payers are not going to be stuck with the $25,000, $30,000 or higher bill demolishing and leaving a hole in the ground in the middle of an otherwise good neighborhood. Again we see this as another contributing tool in the tool chest, not a high volume producer of neighborhood rehabilitation and new home investments.”
To learn more about the program or to apply, residents can go online to the Department of Development section of the city website or call the department of development at 716-483-7541.
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