LAKE GEORGE With an intent to prompt upgrades to downtown buildings, Lake George Village trustees have proposed a property tax break for business proprietors who make improvements to their properties.
The proposed program would exempt property owners from paying full taxes, for over a decade, on the assessed value of their property improvements.
Instead, the property owners would pay 50 percent of the assessed value of the upgrades during the first year, and 5 percent less each year until the exemption expires.
Monday April 15, the trustees decided against a proposed stipulation that would call for a minimum of $50,000 in improvements to qualify.
They decided to set a $10,000 minimum instead, citing that the lower amount would prompt more business owners to upgrade their properties.
The law would replace an existing schedule of exemptions for those boosting their assessments by $50,000, which granted a 25 percent exemption the first year, followed by a 10 percent exemption the following three years, and 5 percent the next three years.
The new expanded exemption was initiated by Lake George Mayor Robert Blais. He said April 15 that Glens Falls Economic & Community Development Director Ed Bartholomew told him that a similar tax break in the city had spurred considerable upgrades to downtown Glens Falls.
The proposed ordinance is subject to a public hearing at 6 p.m. May 20.
Townhouse initiative defeated
Another proposal to boost development in Lake George Village didn’t garner the support April 15 that the tax exemption did.
An initiative to allow townhouses in R-1 residential zones in town was defeated by a 3-2 split vote.
Trustees John Root and Ray Perry who supported the change said that the initiative would encourage more young families to move into the village — which would boost year-round activity and commerce as well as enhance the local quality of life.