The Home Improvement/New Construction exemption is an eight-year decreasing exemption on permitted alterations, reconstruction, improvements, and new construction which increase the assessed value of one, two, and three-family homes. The exemption provides property tax relief from the increase in market value, up to $750,000, caused by the improvement or new construction. Additional buildings and yard improvements do not qualify for this exemption. The home improvement project must be completed before an exemption is granted. In the first year, 100% of the assessed value of the improvement/new construction is exempt. In the second year, 87.5%; in the third year 75%, and so on.
There is no application for this exemption as the Nassau County Department of Assessment automatically reviews projects to see if they qualify; however, it is recommended that a homeowner contact the Department of Assessment during the building permit process to ensure the department has all required information to determine if the home improvement project or new construction qualifies for the exemption. The Nassau County Department of Assessment can be reached at 516-571-1500 and is located at: 240 Old Country Road, 4th Floor Mineola, NY 15501