The Press & Sun-Bulletin discussed a report that examined the number of properties in Binghamton that are tax exempt. Although the headline may seem to imply some kind of a problem, the article is a fair and balanced perspective. As the article relates:
About a third of the assessed property value in the city is exempt from taxes.
That's according to a recent report compiled by the city's assessor, Scott Snyder.
Total exemptions in 2011 are valued at $625,642,280 or 33.8 percent of a total assessed value of about $1.8 billion in city property, Snyder said.
That leaves a total taxable property value in Binghamton of about $1.2 billion.
Exemptions include churches, hospitals, nonprofits, schools and government buildings. In addition, the city gives property tax breaks for veterans, the disabled and low-income elderly.
Take away the exemptions for veterans, the disabled and low-income seniors, the percentage of total property tax exemptions drops to about 29 percent, Snyder said.
None of that is unique to Binghamton or other upstate cities that serve as county seats.
"The numbers for the City of Binghamton are at or below the other levels I've seen," Snyder said.
Of about 3,600 total property tax exemptions granted, 900 are for low-income elderly and about 1,700 are for veterans.
The city's exemption report is the first of its kind in recent years, said Teri Rennia, a Democrat who has represented the city's 3rd District since January 2006.
What makes it useful is it spells out just how much property is exempt. Over the years, anecdotal accounts have put that amount as high as 50 percent.
Snyder's report dispels any potential exaggerations, Rennia said.
"We've been trying to tell people this information for years. (Property tax exemptions) are not the source of our problems," Rennia said. "I'm glad the numbers are there to back it up." Read more here.
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