The property tax abatement facility is extended to owners of houses, duplexes, apartment buildings, and also to commercial buildings that are remodelled as residential houses. In order to be eligible for this tax abatement facility, your house value should be at least 115% of its value, before the reconstruction. The facility of abatement does not come to you automatically, but you need to make an application to the concerned authorities, in order to access this facility. The authorities, after receipt of your application, will assess the value of your house before and after the up gradation is carried out.
Once, your request to Lower Tax Assessment NY is sanctioned, you will have either the taxes waived or lessened on your property. Some of the upgrades allowed under this tax abatement facility are repair of roof, up gradation of lawn and garden, repair of driveway, remodeling of room, and plumbing as well as electrical repairs. Items of work that are not permitted under tax abatement are addition of rooms, porches, as well as building fireplaces. The Lower Tax Assessment NY facility will be in vogue as long as the abatement facility is in force in your locality.
Moreover, you need to remember that even if you are successful to Reduce Property Taxes NY, there is no assurance that your taxes will not be increased later on, but if it occurs, the increase may not be as much as it should otherwise be. You may still experience an increase in your home tax, in case you make some up gradation to your home that do not come under the purview of tax abatement. Even then, the property tax abatement is an ideal option for you to save some money when you take up some remodeling work of your home.