NY’s governor just signed three new pieces of property tax legislation into law. Will they provide any meaningful help to homeowners? Or is it just more hype funded by taxpayers? Why was this route taken instead of overhauling the deeply flawed property tax system?
3 New Property Tax Bills
NY governor Hochul just signed three new pieces of legislation proclaimed to “strengthen housing affordability for seniors and families.” So, how do these property tax bills stand up to the promise?
The first provides a local option to expand property tax breaks for those over 65, with disabilities, and limited incomes. That sounds great. In practice it means raising the income limit for this deduction from just $29,000 per year to $50,000. The question is if there are any homeowners making this little? You certainly cannot afford to live in NY on that type of income. You might barely make ends meet with double that. It certainly isn’t enough to buy and maintain a home. It may not be enough just to pay your property taxes and utilities.
The second bill provides provides a local option to give first time buyers of new construction homes a property tax break through 2028. Which happens to come right on the heels of new reports and data showing that US home builders are being stuck with an over supply of new units that no one wants or can afford to buy. The US Census Bureau reports that there are now close to 10 months of supply of new construction properties. An unhealthy market in desperate need of buyers.
The third gives low to moderate income seniors an extention to 60 days for completeing emergency home repiars under RESTORE, and increases the amount of repairs from $10,000 to $20,000. Another bill that sounds great on the surface. Though you aren;t getting much repair work done for that money these days. You certainly can’t afford to replace a roof. Maybe not heating and air conditioning either. Trying to get any projects done in 60 days is near impossible right now. More so if there are new storms creating the need for emergency repairs.
More Taxes And Tax Hikes
Other new policies and legislation is also simultaneously increasing taxes. So, at best, anyone who can save a little extra is going to see a net wash, or net negative result when it is all added up.
This includes higher income taxes and business taxes, and higher property tax rates and assessed values.
As well as a doubling in the size of the IRS to force more audits and increase enforcement to drag in more tax revenues.
All while it has been over six months since a commission recommended a major reform of the broken property tax system.
None of this helps if you are still being grossly over-billed each year.
Get Help Now
Get in touch with us today to find out if any of these new tax changes apply to you, and if you qualify for any new property tax exemptions. We can help review your tax bill and assessment and find meaningful savings that will keep more money in your pocket each year.