State Assemblyman Fred W. Thiele Jr. and State Senator James Gaughran have announced legislation to improve and expand the Real Property Tax Relief Credit — a policy enacted last year to help homeowners during the COVID-19 pandemic.
The proposed changes would increase the Real Property Tax Relief Credit’s maximum qualifying income eligibility from $250,000 to $350,000, as well as bump up the amount of credit — raising the maximum level from $350 to $1,500.
Currently set to expire in 2025, the bill would also make the credit permanent.
“Reports show that New Yorkers continue to flee to other more affordable parts of the country with lower housing costs,” Thiele said in a statement. “High real property taxes are a major factor in their decision and that hurts all of us. This commonsense legislation will help to reverse this trend. I look forward to its advancement in partnership with Senator Gaughran.”
As New Yorkers across the state struggle with housing insecurity, this legislation would directly address one of the largest contributors to this crisis: “exorbitant” real property taxes, a press release said. This tax credit would be a tool to combat the adverse impacts of high property taxes on working- and middle-class New Yorkers, it said.
But as the law currently stands, it does not provide “enough relief to lift the crushing burden of high real property taxes faced by local residents,” the release said. Due to limitations on income, a low cap on the amount of credit and a three-year sunset provision, the current credit is “simply inadequate” to help New York families, it said.
“Long Island faces some of the highest property taxes in the nation,” Gaughran said in a statement. “This bill provides real relief for Long Islanders and recognizes the actual costs of living here. I’m proud to join Assemblyman Thiele in introducing this important bill.”
Staff Writer on Jan 10, 2022