A plan to give tax exemptions to people who rehabilitate vacant homes in Syracuse got the green light Wednesday from Gov. David Paterson.
Paterson signed a bill that will grant people who buy vacant city homes or lots seven years of full city and school tax exemption on the value they add to the property. After seven years of 100 percent exemption, owners would receive three years of smaller exemptions.
Tax benefits would improve if owners or developers meet the U.S. Green Building Council's standards on energy efficiency and environmental design when building or renovating.
The goal of the legislation, requested by Mayor Matt Driscoll and the Syracuse Common Council, is to spark development of blighted city properties.
Sen. John DeFrancisco, R-Syracuse, and Assemblywoman Joan Christensen, D-Syracuse, sponsored the bill in the state Legislature.
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Syracuse.com: Politics]