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Committee holds public hearing on county'level ADU tax-exemption; $200,000 market-value cap, five-year incentive discussed
Summary
The committee held a public hearing on a local law to allow a county property-tax exemption for accessory dwelling units (ADUs) equal to up to $200,000 in added market value for up to five years; committee members asked about assessment effects and municipal opt-in rules.
The Albany County Audit and Finance Committee held a public hearing May 29 on a proposed local law that would allow homeowners who add an accessory dwelling unit (ADU) to receive a county property-tax exemption for the increase in market value attributable to the ADU.
The proposed local law would exempt up to $200,000 in market value attributable to the construction of an ADU, and the exemption would run for a five-year period under the draft before the committee. Counsel and staff said the exemption amount is set by state…
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