Property Tax Abatement

Summary:

As a means of encouraging City of Jamestown property owners to invest in their vacant or condemned homes, New York State passed a bill (7116-A) in April 2017 that established a tax exemption program available to those who are willing to rehabilitate, update, expand, or improve their outdated or deteriorating houses. This is an excellent opportunity for you, the property owner, to invest entirely in your home and not be held back or burdened by additional property tax responsibilities. The Department of Development is eager to work with you on improving your home, and by extension, the neighborhood around you.

To qualify for this Property Tax Abatement Program:

Property must be within Jamestown City Limits
You must own and intend to occupy a one or two-family residential property that is vacant or legally condemned and has several outstanding state or local building and fire code violations
Total construction estimate must be $10,000.00 or greater
Cost to remedy home must exceed value of property; or new construction of residence of not less than 1200 square feet on a parcel upon which a prior structure was demolished
All construction and rehabilitation efforts must comply with state and local fire and building codes
The application and scope of work must be reviewed by the municipal housing code enforcement officer and the appropriate fire and building code enforcement officer.
The contractors, plumbers, and electricians supplying cost estimates and quotes must be licensed to do business within the municipality.

NOTE: The amount of the exemption is limited to a percentage of the increase in assessed value attributable to the creation, modernization, rehabilitation, expansion or other improvement. The duration of the exemption is limited to 11 years. The City of Jamestown reserves the right to not offer the tax exemption to any given project.

For More Information and to apply, please refer to the Useful Links below: