Finally, some good news out of Albany.
With property taxes in New York among the highest in the nation (and crammed all together here in the Big Apple, it’s not like we exactly get a decent bang for our buck), most of us are struggling just to make ends meet during the global economic downturn. State Senator Marty Golden is trying to ease the crushing financial burden on homeowners by sponsoring “common sense” legislation that would amend current property tax law.
For property holders who may have to deal with the added yoke of caring for an elderly or disabled relative, and who make renovations to their homes to better accommodate their loved one’s needs, Golden is spearheading S. 638. This new legislation would allow tax-strapped homeowners to be exempt from an increased assessed value, a sigh of relief during an era of “every little bit helps.”
Here’s how it works: Local municipalities will be able to change their existing tax laws “to provide an exemption from increased value of residential property resulting from the construction or reconstruction of their property for the purpose of providing living quarters for a parent or grandparent, who is 62 or older or for any person with a disability.”
And the upshot, Golden explains, is that “seniors and disabled persons who live with their family save the state money, as they are not living in community assisted living, and therefore those savings should and will be passed onto the homeowners.”
He points out that, with this tweak in the system, family members will be able to give their elderly or disabled relatives the prospect of aging peacefully in the home of their loved one, and at no extra cost.
“I joined with my colleagues in the Senate in providing a common sense solution to New York homeowners,” state Golden. “This legislation will prevent people who make adjustments to their homes in order to house senior or disabled members of their family from having to pay a higher assessment.”