Binghamton Coop. Taxes Could go Down

Property taxes may be going down for residents in a housing co-op in the City of Binghamton who have long complained that they were being socked with a higher commercial property tax rate.

Binghamton Mayor Richard David says a deal has been reached concerning 5 Riverside Towers and River’s Edge at 4 Oak Street to lower the tax to the residential rate.

The legislation now goes to City Council.

In July, Council did not pass a measure to apply for home rule from New York State regarding the homestead tax option in relation to cooperative apartments that are individually owned with no commercial activity in the building.

Further investigation turned up a flaw in the formula used to calculate school taxes and found the loss in tax revenue to the City with a change to the residential rate would be about $156,109 instead of the initial projection of a $275,424 loss.

Mayor David says he is also seeking New York State support from Assemblywoman Donna Lupardo, who would sponsor the homestead tax legislation in the House and Senator Fred Akshar.