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Hochul inks bills boosting tax relief for N.Y. seniors and first-time homebuyers

By 08/09/2022 4:18 PMNo Comments

On Monday, New York Governor Kathy Hochul signed a package of bills into law to expand tax relief for older New York homeowners and first-time homebuyers.

According to reports, the measures expand the eligibility for property tax exemptions for those 65 and older and those who are disabled and have limited income and assist seniors on fixed incomes with home repairs and accessibility modifications.

“All these bills help people put down their roots, feel stable, feel protected,” Hochul said.

“Because we know that this is such an important thing we can offer our citizens, we give them the ability to have a good life when they’re older, but we also give them an opportunity when they’re younger to start on that path toward homeownership,” Hochul added.

Among the newly signed bills, one allows local municipalities to continue offering local tax exemption programs for first-time homebuyers.

The bill allows local governments to provide a property tax exemption for homebuyers purchasing newly constructed houses through 2028.

Senate Majority Leader Andrea Stewart-Cousins (D-Yonkers), who sponsored the measure allowing municipalities to increase the maximum income eligible for New York’s real property tax exemption from $29,000 to $50,000 for people age 65 and over and people with disabilities, accompanied Hochul in signing the bill.

“After a lifetime of contributions, it’s our duty to ensure that seniors can live in comfort and dignity for the remainder of their days,” Stewart-Cousins said.

“This will help alleviate the burden placed on those with financial constraints and protect the assets of seniors and other vulnerable populations,” Stewart-Cousins added.

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