BUFFALO, N.Y. (WKBW) — Gov. Hochul signed legislation Monday to expand tax relief for New Yorkers aged 60 and over.
The relief package will provide support for a variety of homeowners, from first-time homebuyers to senior citizens. This package comes at a time when inflation and rising costs have driven an affordability crisis.
"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."
Monday's legislation signing will expand eligibility for property tax exemptions and provide financial resources for homeowners over 60 to make repairs that allow them to continue to live independently in their homes.
Local municipalities will also have the option to provide a property tax exemption for first-time homebuyers that buy a newly constructed home through 2028.
Municipalities will also be allowed to increase the maximum income that is eligible for a real property tax exemption to $50,000 for those with disabilities and those who are over 65.
Additionally, the bill will also provide greater benefits with a more flexible timeline for senior homeowners that are in need of emergency repairs.
