Older New York homeowners could be in line for expanded tax relief in the state under legislation approved Monday by Gov. Kathy Hochul.
The measure will allow local governments to increase the maximum allowable income eligible for a property tax exemption to $50,000 for people who are 65 and older as well as people with disabilities. The measure will increase the current limit set at $29,000 a year for older New Yorkers who live outside of New York City.
The new law is part of a legislative package meant to strengthen homeownership and affordability in 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 approved by Hochul will extend the option for municipal governments to provide a property tax exemption for first-time homebuyers who are purchasing newly constructed homes through 2028, extending a provision that was set to expire by the end of this year.
And Hochul approved a law that will stengthen benefits with a timeline designed to be more flexible for older homeowners who are in need of making emergency repairs.