HomeMy WebLinkAbout(1) Assessor Correspondence June 2021.pdf Kevin W.Webster,Ch u am Southold Town Hall,53095 Route 25
Richard L.Caggiano,Assessor P.O.Box 1179
Charles J.Sanders,Assessor a Southold,NY 11971-0959
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June 25, 2021
°
BOARD OF ASSESSORS
TOWN OF SOUTHOLD
Charles R. Cuddy
Attorney at Law
445 Griffing Ave
Riverhead, 111
SCTM#1 -1 .- -1 .
ro 's Yacht Center
Dear Mr. Cuddy,
Thank you for contacting a regarding the 2 potential new buildings for r 's Yacht
Center located in Mattituck. Based on the information I was providedconferring i
our certiorari attorney we have come up withthe following.
The increase in the Assessed Value would be approximately 41,000. With
exemptions the increase in the property taxes would be estimatedt $59,450 based
the - 1 tax rate.
The property would be eligible for the 485-b Business Investment Exemptionis i
based on a sliding scale over 10 years. The first 3 years there would be a 50%
reduction for the increased assessment attributable to the two new buildings. Year
would be 40%, year 5 - %, year 6 - %, years 7 tr - 1 % and year 10 woulde
%.
For example, the estimated taxes with the -b exemption r t for the first 3 years
would be $32,234. Year 4 would b 7,677. As a reminder, this is all based on the
- 1 tax rate.
If you have any further questions, please let me know.
Sincerely,
Kevin Webster
Chairman
KWW/cg
Website: www.southoldtownny.gov Ph: (631)765-1937 Fax: (631)765-1356