KINGSTON – New York Real Property Tax Law authorizes a partial local real property tax exemption — ranging from 25 percent to 75 percent of the assessed value — for residential properties transferred from a nonprofit housing organization, land bank, or community land trust to a qualified low-income household. Ulster County is on the way to adopting a similar law on the local level.
The legislature’s Ways and Means Committee Thursday approved the local law with Lindsay Grossman as a vocal proponent.
“This is going to help people who buy homes from Habitat for Humanity and other income-restricted homeownership, allow them to have a 50 percent county tax exemption. And thank you to Deputy Executive Amenta’s partnership as well as Habitat for Humanity,” she said.
The full county legislature is expected to take up the issue at its monthly session next week.
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