Assemblyman Fred W. Thiele, Jr. (I-Sag Harbor) and State Senator James Gaughran today announced the introduction of legislation to improve and expand the Real Property Tax Relief Credit.
If enacted, the legislation would increase the Real Property Tax Relief Credit’s maximum qualifying income eligibility from $250,000 to $350,000 and increase the amount of the credit, including raising the maximum level of the credit from $350 to $1,500. Currently set to expire in 2025, the bill would also make the credit permanent.
As New Yorkers across the state struggle with housing insecurity, this legislation would directly address one of the largest contributors to this undeniable crisis: exorbitant real property taxes. This substantial tax credit will be a valuable tool to combat the adverse impacts of high property taxes on working and middle class New Yorkers.
The State Legislature first enacted the Real Property Tax Relief Credit in 2021, as part of the State’s response to the COVID-19 pandemic. However, under the current law, not enough taxpayers can qualify and for those that do, the law does not provide enough relief to lift the crushing burden of high real property taxes faced by local residents. Due to limitations on income, a low cap on the amount of the credit, and a three-year sunset provision, the current credit is simply inadequate to help New York families.
Assemblyman Fred Thiele stated, “Reports show that New Yorkers continue to flee to other more affordable parts of the country with lower housing costs. 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.”
Senator James Gaughran stated, “Long Island faces some of the highest property taxes in the nation. 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.”
