Residential Investment Exemption

 EVANS, ANGOLA AND LAKE SHORE SCHOOL OFFER INCENTIVE TO ENCOURAGE RESIDENTIAL REVITALIZATION

 Effective October 31, 2012, significant improvements to residential property located in the Town of Evans, Village of Angola and the Lake Shore Central School District may be eligible for a tax break under the recently adopted residential investment exemption.

The Residential Investment Property Tax Exemption provides a 5-year tax abatement for qualified reconstruction, alteration or improvements to existing residential property. To qualify, projects must result in an increase in assessed value of $10,000 or more, as determined by the Town of Evans Assessor. The exemption is based on the increase in assessed value due to the reconstruction alteration or improvements. pdf residential_investment_exemption_flyer

 

 

The goal of the program is to revitalize areas of the Town, particularly areas with older housing stock, through renovation and rehabilitation of 1-3 family housing. "The Residential Investment Exemption is a tool for encouraging reinvestment of existing housing stock to stimulate our local economy," said Lori Szewczyk, Director of Community Development for the Town of Evans.

The Town, Village and School District initiated the State authorization process beginning in October 2009. State legislation to allow the municipalities to amend their local law/policy to include the exemption was signed on July 18, 2012. All three municipalities adopted identical legislation late last year.

For additional information about the Residential Investment Exemption, please contact the Director of Community Development, Lori Szewczyk at 716-549-3915. For questions pertaining to assessed value, please contact the Town of Evans Assessor at 716-549-5752.

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