NYS Historic Property Tax Exemption – The Ithaca Bill
In 1993, Lynn Truame of Historic Ithaca (now the Community Development Planner at Ithaca’s Urban Renewal Agency) began to research and advocate for a historic property tax break. Working with local and state representatives, as well as the Preservation League of New York State, Truame was instrumental in the final passage of the NYS Historic Property Tax Exemption in 1997. The “Ithaca Bill,” Ithaca’s local version of this tax exemption, was passed shortly thereafter. Under this law, the increased property value and property tax resulting from preservation work on a historic property are phased in over ten years. The Ithaca Bill, nearing its 20th anniversary, continues to help property owners with major preservation work. Click here to read more about this incentive.