Home Improvement

Home (Capital) Improvement Exemption

  • The Capital Improvement Exemption is an eight-year exemption to encourage improvements to one, two, and three-family homes.
  • Homeowners who add on to existing structures are entitled to an exemption that starts at 100% of the assessed value of the new addition. The exemption phases out over eight years.
  • The exemption is subject to certain conditions set by state law. Since the conditions change from time to time, check with the Village Assessor's office for up-to-date information.
  • Applications must be received in the Assessor's office by October 1st. Applications received after October 1st will not be considered, even if they are postmarked prior to October 1st.

The percentage of the assessment increase that is exempt over the eight years is:

Exemption Year Percentage
First Year 100%
Second Year 87.5%
Third Year 75%
Fourth Year 62.5%
Fifth Year 50%
Sixth Year 37.5%
Seventh Year 25%
Eighth Year 12.5%
Ninth Year 0%
  • All exemptions are in amount of assessed value. To calculate the tax savings for an exemption:
    • Exempt Assessed Value divided by 100, then multiply the result times the Tax Rate.
  • A Village tax exemption does not apply to taxes based on the Nassau County Assessment Roll. You should also apply to the Nassau County Department of Assessment for any exemption offered by the County and applicable to your property. Deadlines and procedures may be different. Check with the Nassau County Department of Assessment at 516-571-1500 for additional information.