Incentives

Businesses locating or expanding in the Town of Lockport may qualify for a number of incentive programs.

Business Investment Exemption Program – under the provisions of Section 485B of the NYS Real Property Tax Law, businesses that build $10,000 or more in new construction or improvements may qualify for a partial reduction in assessment of up to 50% of the increase in assessed value resulting from the new construction or improvement, with the abatement declining over a 10-year period of time. For the Town of Lockport, qualifying businesses are exempt from County tax (applies ONLY to the amount of increase in assessed value):

Year of
Exemptions
Percentage of
Exemptions
1
50
2
45
3
40
4
35
5
30
6
25
7
20
8
15
9
10
10
5

Download the IDA Application for Incentives

Lockport Industrial Park
Construction of the Basil Toyota Automotive Center


Industrial Development Agency Projects
– Industrial Development Agency Projects – Projects approved for financing by the Town of Lockport Industrial Development Agency may qualify for property tax exemptions per the Uniform Tax Exemption Policy (pdf) of the IDA.




 

 


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