Homeowners' tax credit saves history, money

By Michelle Costanza

Homeowners' tax credit saves history, money

September 19, 2013 Updated Sep 19, 2013 at 10:54 PM EST

Binghamton, NY (WBNG Binghamton) A tax credit program could save homeowners money while preserving the historic charm of Greater Binghamton's neighborhoods.

A workshop outlining the application process was held by the Preservation League of New York State on Thursday night for those who wanted to learn more about the possibilities of rehabilitating their property.

The program covers 20 percent of qualified projects for those owner-occupied homes looking to make repairs up to a credit value of $50,000.

Tax credits will only be awarded to historic homes in a national register historic district, and for projects costing at least $5,000.

While the program is not very well known yet, those who have taken advantage of the credit said they would like to get the word out.

"My house is on Chestnut Street, and I didn't do anything huge, the outside of my house was painted, I got a new toilet and bathroom faucet, and water damaged repaired, and it was very helpful," said Binghamton resident Jo Malin.

Supporters said the tax credit helps to kick-start neighborhood beatifications by giving homeowners the extra incentive to fix that broken door or damaged roof.

Tania Werbizkey, regional director of the Preservation League of New York State noted that many people are eligible who are not aware.

"There are hundreds of property owners who could use this credit. There are some in Johnson City that could use it, in nearby Tioga County, Owego, several hundred more. The whole Southern Tier is full of that opportunity," said Werbizkey.

To find out if your home is eligible for the program, visit the New York State Office of Parks, Recreation and Historic Preservation website for an application.