Wednesday, February 17, 2010

Restoration...Begin!

We (well, I spoke for Eddie) were interviewed by a great blog about our decision to move to Newburgh. It was great to talk about the city and our house, and to get excited about moving. There's a really cute photo of Tracer, too.

Things are coming along...we met with an electrician, a plumber, a...heating guy (HVAC guy?), and our realtor, on Saturday. They are all awesome and it was a non-stop hyuk-fest for two hours. We're getting the power turned on this week, and hopefully the plumber can check out the water main to see if any work needs to be done there. If not, we'll be moving forward pretty quickly with fixing up the electrical wiring, installing a tankless water heater and an old boiler on the third floor.

The tricky part is we're also applying for tax exemptions and incentives. Newburgh has two tax exemptions - the Real Property Tax Exemption for First-Time Homebuyers of Newly Constructed Homes, and the School TAx Relief Exemption (STAR). The Real Property Tax Exemption also applies to non-newly constructed homes if there is a renovation or remodeling of an existing home. The renovation or remodeling cost "must exceed $3,000 and the contract for the work must be contracted for within 90 days from the date of purchase."

We need to make sure the work is completed by March 7, in order to qualify, and the deadline to apply is the taxable status date, or March 1. The exemption lasts for five years, "beginning at fifty percent the first year and declining to ten percent in the fifth and final year." Eligibility also depends on the household income and the purchase price of the home. It follows the State of New York Mortgage Agency (SONYMA) guidelines.

To receive the STAR exemption, the owner must be at least 65 years old, and/or the income of all owners and owners' spouses be $73,000 or less. The deadline is also March 1, the taxable status date.

The tricky part is coordinating the tax exemption with the Historic Preservation Tax Incentives (HPTI) Program. To receive the HPTI, all work that we want to claim the benefit for must be approved by the Technical Preservation Services Department of the National Park Service. The paperwork is long and tedious, with lots of photo documentation. There's no way we'll get the work approved before the tax exemption deadline, so...we'll see?

1 comment:

  1. I hope you get before and after shots of your work :D

    ReplyDelete