JACOBS proposes partial county tax exemption for qualifying FIRST-TIME HOMEBUYERS
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Nassau County Presiding Officer Judy Jacobs (D-Woodbury) today proposed a law that would give certain first-time home buyers in Nassau County a break on their property tax bills. Homebuyers of newly constructed homes, who meet certain income requirements would receive an exemption off the county portion of their taxes of 50% in the first year, 40% in the second year, 30% in the third year and 10% in the fourth.
“It is my hope that this law will encourage first-time homebuyers to purchase their first home in Nassau County, rather than join the exodus of young people we hear about who are choosing to leave the area due to the high property taxes,” said Presiding Officer Jacobs.
Jacobs was joined at a press conference today by County Executive Thomas Suozzi; Executive Director, Office of Housing & Intergovernmental Affairs, Rosemary Olsen, Director, Nassau County Housing & Homeless Intervention Programs Connie Lassandro and housing advocates.
“This initiative gives qualifying first-time homebuyers a shot at owning a home here in Nassau County,” said Nassau County Executive Tom Suozzi. “We all know that property taxes are too high, and this legislation will go a long way toward leveling the playing field for some hard-working families who until now have been unable to afford a home.”
Jacobs’ proposed First Time Homebuyer’s Exemption Bill is based on state legislation adopted in 2001, which allows municipalities to offer the partial property tax exemption. The home must be the residence of the person applying for the exemption and be a one-family home. There is household income limit, which the New York State Mortgage Agency (SONYMA), based on federal adjusted gross income.
“The First Time Homebuyer’s Exemption Bill for qualified first-time homebuyers, added to our existing down-payment assistance program, provides an unparalleled opportunity for Nassau County residents who otherwise couldn’t afford to stay here,” stated Patrick G. Duggan, Deputy County Executive for Economic Development.
