Clients who are building new or renovating existing structures may be eligible for tax exemptions to defer taxes for a ten-year period (on a sliding scale of benefits). There is virtual silence about these programs from assessors, building departments, architects, and contractors. These little-known programs have provided millions of dollars in tax relief in Nassau and Suffolk counties and throughout New York State to both small and large businesses.
For example, our firm was successful in obtaining exemptions for a Ford dealer on Staten Island, saving the dealer at least $120,000 in taxes in the first two years of the program. Similarly, we instituted a statewide exemption program for a national retail chain which generated $145,000 in tax benefits after the opening of three new stores in upstate New York, and will generate an additional $100,000 in new benefits for three additional stores opened at a later date. Please contact Schroder & Strom before any work is commenced, as exemption applications may need to be filed before the construction is started.