|January 4, 2017 3:30 PM |
Mr. Franklin distributed a memorandum explaining Municipally Granted Exemptions. There are over 200 real property tax exemptions that have been authorized by New York State and the federal government. The memorandum also outlined the Ithaca Neighborhood Housing Services (INHS) PILOT proposal and the plan to refinance their debt on the majority (if not all) of the rental housing that it owns in the City of Ithaca. INHS would then pay 12% of the Net Income or a minimum base payment of $58.837 (County share of $10,572).
Mr. Franklin further explained there are some municipal exemptions the Assessment Department has not been made aware of making it difficult for administering purposes. These types of exemptions are billed by the enabling taxing jurisdiction and they have not always historically been billed. The Department is updating its records and adding these PILOT projects to its current process. He said he would like to have his Department act as the central office to ensure the PILOTs are billed correctly.