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City Council Passes Measure to Change Tax Rates on Two Co-Ops

By Emily Girsch.
City council passed a measure for residents living in two Binghamton co-ops to be taxed at a different rate.

At both 5 Riverside Towers and Rivers Edge at 4 Oak Street, residents have been paying a commercial tax rate, which is almost twice as high as the residential tax rate.

"It would be approximately 100 thousand dollars annually in tax savings to the building," said David Hanzes, Building Manager at 5 Riverside Towers.

"Keeping in mind that the majority of the residents that reside in our building are senior citizens on somewhat of a fixed income so this would certainly be very helpful to them and allow them to continue living in the building."

The council approved the measure 7 to 0.

It will still require state approval.