Gov. Kathy Hochul on Aug. 8 signed a legislative package aimed at expanding tax relief for New York homeowners, particularly those ages 60 and over. The legislation will help to support homeowners — from first-time homebuyers to senior citizens — as inflation, rising costs, and other factors “drive a nationwide affordability crisis,” Hochul’s office said […]
Gov. Kathy Hochul on Aug. 8 signed a legislative package aimed at expanding tax relief for New York homeowners, particularly those ages 60 and over.
The legislation will help to support homeowners — from first-time homebuyers to senior citizens — as inflation, rising costs, and other factors “drive a nationwide affordability crisis,” Hochul’s office said in announcing the bills’ signing.
“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,” Hochul stated.
The bills signed will expand eligibility for New York property tax exemptions and the Residential Emergency Services to Offer (Home) Repairs to the Elderly (RESTORE) program. It provides financial resources for homeowners ages 60 and over to make repairs that allow them to continue living independently in their homes.
Bill details
The legislative package includes bills (S.3085A/A.3956A) that allows municipalities to increase the maximum income eligible for New York’s real property tax exemption to $50,000 for people ages 65 and over, as well as for people with disabilities. Before the bill signing, the maximum income eligible was $29,000 per year outside of New York City for seniors and people with disabilities, per Hochul’s office.
Another bill signed (S.8890/A.9135) extends the option for local municipalities to provide a property-tax exemption for first-time homebuyers purchasing newly constructed homes through 2028. Before the bill’s passage, the option was set to expire at the end of 2022.
Also signed into law was legislation (S.9193/A.10271) that provides greater benefits on a more flexible timeline for senior homeowners in need of emergency repairs by increasing the deadlines for RESTORE projects to 60 days and the maximum cost allowed per project to $20,000, Hochul’s office said.
“Like the rest of the nation, New York is struggling with the rising costs of housing and homeownership,” New York State Homes and Community Renewal Commissioner RuthAnne Visunauskas said. “By signing this package of critical legislation, Governor Hochul is taking decisive steps to improve housing affordability in our state, make first-time homeownership possible for more people, and improve funding for programs like RESTORE so that more seniors can live safely and affordably in their own homes.”