County and village approve tax exemptions for Main Street in Lyndonville
LYNDONVILLE – The Orleans County Legislature and Lyndonville Village Board have both approved tax exemptions for building projects in the downtown business district.
Both governing boards passed new local laws where property owners who invest in the historic commercial buildings would not see the assessments increase for five years, and would then see 20 percent increases over the next five years for the improvements, until the sites are at full assessment after a decade.
The County Legislature passed the exemptions last week and the Lyndonville Village Board approved the incentives on Monday. The Yates Town Board is expected to discuss the issue at its meeting this evening, and the Lyndonville Board of Education may also consider it.
John Belson, mayor of Lyndonville, said the exemptions will spare building owners from a big tax increase if they upgrade their buildings. Properties on Main Street, from Eagle Street to Riverside Drive, are eligible for the exemptions.
The village tax rate is $13.86 per $1,000 of assessed property while the county rate is $10.06. Together they are $23.92. If someone did a $50,000 upgrade to a building in the downtown, raising the assessment by $50,000, the tax bill would increase $1,196 without the tax exemption.
The school tax rate is $16.31 and the town rate inside the village is $2.57.
Belson, the village mayor, is hopeful the town and school will join in offering the exemptions for the buildings in the downtown to help attract more businesses and investment to Main Street.