Incentives Expanded for NY Senior Homeowners

New legislation signed by New York Governor Kathy Hochul looks to provide more tax relief for especially older homeowner in the state.

The package allows municipalities to increase the maximum income allowed for the state’s real property tax exemption to $50,000 for those age 65 and older as well as residents with disabilities. The previous maximum income eligible was $29,000 per year for seniors and those with disabilities living outside of New York City.

The second provision of the package allows an extension of local property tax exemptions offered by county and municipal governments for first time homebuyers purchasing new construction homes. That exemption is being allowed through 2028. It had been set to expire at the end of this year.

The final measure in the package makes it easier for homeowners age 60 and older to make repairs to their property, allowing them to stay in their home. The legislation gives a more flexible timeline for senior homeowners in need of emergency repairs by increasing the deadline for RESTORE emergency repair projects to 60 days and the cost allowed per project to $20,000.

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$25-billion had been included in the state budget to address the housing affordability crisis in New York, including $300-million for construction of new senior housing.

Other provisions being made for seniors include the Long Term Care Insurance Credit for long-term insurance policies, the Real Property Tax Credit and the Homeowner Rebate Tax Credit. Checks for that program are currently being mailed out by the state. New York is also increasing senior eligibility for the Medicaid and Medicare Savings Program by upping eh income limit to 138 percent of the federal poverty level.

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