A new law may help first-time homeowners and elderly.

A new law may help first-time homeowners and elderly

The Governor of New York, Kathy Hochul, gave her signature of approval to three distinct pieces of legislation this afternoon, shortly after one o’clock in the afternoon. Under the terms of the proposal, local governments will be given the authority to expand the range of tax breaks and exemptions available to citizens over the age of 65. Additionally, the new law gives local governments the authority to exempt first-time homeowners from the requirement that they pay property taxes. This provision was previously unavailable. The Act provides this extra advantage as an added bonus.

With the passage of this piece of legislation, S.3085A/A.3956A, local governments will have the authority to decide whether or not to raise the maximum income threshold at which a person is eligible for an exemption from New York’s real property tax to $50,000. In the past, the barrier had been set at $80,000. Those who are qualified for the exemption are those who are at least 65 years old or who have a disability that meets the requirements. Prior to today, the maximum allowable yearly income for senior citizens and people with disabilities residing outside of New York City was set at $29,000. This limit has now been raised to $31,000. This ceiling is currently up to $31,000 after recent increases. This maximum is now set at $36,000, and it will remain at that amount for the time being.

This Act extends the chance that local governments would offer a property tax exemption to first-time homebuyers who acquire newly built houses until the year 2028. This benefit is only available to purchasers of newly constructed homes. Before we got to this point, it was already decided that the option would no longer be accessible at the close of the current calendar year. This has led to the present situation.

One item of proposed legislation, S.9193/A.10271: According to this piece of legislation, the maximum amount of money that can be spent on a single project has been increased to a maximum of $20,000, and the maximum amount of time that can be spent working on a RESTORE project has been increased to a maximum of 60 days. This opens the way for senior living communities that are in dire need of upgrades to become eligible for additional benefits within a time frame that is more flexible to the requirements of the communities.

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September 26, 2022, 9:06 am
 

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Forecast September 26, 2022
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