West Seneca has sweetened the tax exemptions it offers small businesses making improvements to their buildings.
The exemption applies to town taxes only, and only where the construction, alteration, installation or improvement exceeds $50,000, according to Town Attorney John Fenz. The Town Board approved changes Monday in the amount of the exemption allowed each year over the 10-year span of the exemption.
"It front-loads a lot of these savings into the first three years," Fenz said.
The property tax exemption amounts to 50 percent for the first three years. It goes down gradually each year, reaching 10 percent in years seven, eight and nine, and 5 percent in year 10. The previous exemption started at 50 percent and went down 5 percent each year, Fenz said.
He said about 11 businesses have applied in the past for the exemption, which is known as 485-B for a section in the state's Real Property Tax law. But with the new design standards now required for new businesses and new construction along Union Road, town officials hope the exemption will act as an incentive for improvements to businesses.
Story topics: Shared