HIEX allows for an eight-year phase in up to $750,000 worth of assessed fair market value resulting from a permitted alteration, reconstruction, improvement, and new construction. To qualify, the parcel must be classified as a class one property.
All home improvement projects must be completed before an exemption is granted. Under the law, all new construction must be completed by January 2, 2023. There is no application needed for this exemption and will be based upon permit applications filed with your Town/City/Village.