Tuesday, May 8, 2012
KINGSTON, N.Y. — Ulster County residents will have the opportunity to voice their opinions today on a series of proposed local laws that would increase — or in one case, create — tax exemptions for specific groups of landowners.
Ulster County Executive Michael Hein has proposed that the income levels be increased for property tax exemptions currently given to seniors and the disabled and that the exemption amounts be increased for veterans and Cold War veterans.
Hein has also proposed a the creation of a First Time Homebuyers exemption, which would be given to first time home buyers purchasing a newly constructed home or an existing home that is renovated within 90 days.
The Ulster County Legislature will hold public hearings on the proposed local laws beginning at 7 p.m. today in the legislative chambers of the Ulster County Office Building.
Under the First Time Homebuyer’s exemption, persons with an annual income not exceeding the State Of New York Mortgage Administration (SONYMA) guidelines who purchase a house for up to $370,250, would be eligible for a 50 percent property tax break in the first year of the exemption. The exemption would decrease by 10 percent each year until the sixth year when the homeowner begins to pay the full property tax on the property.
According to the Hein administration, the program would not shift taxes to other property owners because the exemption is offered only on new construction or on newly renovated properties.
The income guidelines for the senior exemption, available to residents over 65 years old, and for persons with disabilities, would increase to a maximum of $37,999.99 from the current $32,399.99 maximum. Eligible property owners can have their assessed property value reduced by between 5 percent and 50 percent.
Veterans, combat veterans, disabled veterans and Cold War veterans, would see the amount of property value eligible for exemption increase.
The income and exemption guidelines proposed under the local laws are equal to the guidelines set by the state.
The Ulster County Office Building is located at 244 Fair St., in Kingston.