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Tompkins County tries to promote growth of owner-occupied homes

A measure to increase the number of affordable single-family houses in the market, and spruce up old, derelict properties into owner-occupied homes has the support of the Tompkins County Government Operations Committee.

On Wednesday, legislators voted for the resolution urging New York to amend the Real Property Tax Law to allow Tompkins County the option to provide a partial exemption to multi-unit residential properties converted to owner-occupied homes.

The proposal may prove to be beneficial to first-time homebuyers and other individuals looking to move into a new home, say supporters of the initiative.

The resolution would allow the county to grant a partial exemption equal the increase in assessment for a period of eight years, reducing the 100 percent exemption by 12.5 percent per year.

IthacaJournal.com:
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