New York Governor Kathy Hochul approved important legislation this past Monday that would provide some expanded tax relief to older homeowners in the state. This new measure will allow residents outside of New York City and over the age of 65 to be eligible for a property tax exemption for citizens who make up to $50,000 per year. This almost doubles the previous threshold set of $29,000.
Words From The Governor, Among Other Relief
This new law is part of a legislative package in an attempt to strengthen affordability and homeownership within the state. “I am proud to sign these bills to put money back in the pockets of New York homeowners and help seniors and families stay in their homes,” Hochul said. “With inflation and rising costs putting a strain on families nationwide, this legislation will help to ensure that New Yorkers — from seniors to first-time homebuyers — get some much-needed relief. I thank the bill sponsors for getting this legislation over the finish line and for their partnership in our mission to keep New York affordable.”
Another measure was taken that could be very beneficial for first-time homeowners in the state. It includes an extension of the option for municipal governments to provide a property tax exemption for first-time buyers who purchase newly constructed homes. This extension will last through 2028 after it was originally set to expire at the end of this year.
Wrap Up
With increasing rates of inflation over the past year, it is nice to see any sort of relief for residents. These efforts also come after the state began mailing out Tax rebate checks to some residents back in June of this year, with already over $2 million in the hands of taxpayers. If you ever need assistance on whether or not you qualify for any of these relief efforts, contact a trusted financial professional for the facts.