Urgent Need for Fair Tax Relief and Homeowners Assistance for Co-op

Property tax burdens: Co-op and condo owners in New York State are currently facing significant property tax burdens. This includes seniors and individuals with disabilities who may be at risk of losing their homes due to high property taxes. By implementing fair tax relief, these owners can receive financial assistance to alleviate the burden of property taxes and protect their homes.

Unique ownership structure: The current tax system needs to adequately account for the unique ownership structure of co-ops and condos. As a result, owners may face higher property taxes, including seniors and individuals with disabilities. Implementing a fair tax relief system that considers the proportionate share of ownership in the property can ensure that co-op and condo owners are treated equitably.

Inaccessible homeowners assistance programs: Existing homeowners assistance programs provided by the State may not be accessible to co-op and condo owners, particularly those who are seniors or have disabilities and lack the financial means to pay their property taxes. By extending the eligibility criteria to include co-op and condo owners and ensuring their access to these programs, the resolution aims to provide much-needed assistance to those in need.

Aging in place: It is essential to ensure that all homeowners, including seniors and individuals with disabilities, can receive fair and equitable treatment under the law. Co-ops and condos built under affordable housing homeownership programs often serve as homes for vulnerable populations. By providing tax relief and homeowners assistance, this resolution aims to support aging in place and enable these individuals to continue residing in their homes without the threat of property tax-related displacement.

The resolution proposes that the State of New York implements a fair tax relief system, qualifies co-op and condo owners for homeowners assistance programs, and establishes the necessary mechanisms for implementation, oversight, education, and outreach. By turning this resolution into law, the State can address the abovementioned concerns and provide relief to co-op and condo owners facing property tax challenges, especially seniors and individuals with disabilities.

A resolution for
Fair Tax Relief and Homeowners Assistance for Co-op and Condo Owners

Whereas, co-op and condo owners in the State of New York are currently facing significant property tax burdens, including seniors and individuals with disabilities who may be at risk of losing their homes due to high property taxes; and

Whereas, the current tax system does not adequately account for the unique ownership structure of co-ops and condos, which can result in higher property taxes for owners, including those who are seniors or have disabilities; and

Whereas, the State has provided homeowners assistance programs to help homeowners manage their property taxes, but these programs may not be accessible to co-op and condo owners, particularly those who are seniors or have disabilities and may not have the financial means to pay their property taxes; and

Whereas, it is important to ensure that all homeowners, including seniors and individuals with disabilities, can receive fair and equitable treatment under the law and that they can age in place, especially at co-ops and condos that were built under affordable Housing homeownership programs;

Therefore, be it resolved that:

The State of New York should implement a fair tax relief system that considers the unique ownership structure of co-ops and condos and provides tax relief to these owners based on their proportionate share of ownership in the property.

Co-op and condo owners will qualify for homeowners assistance programs when the state program expires as long as they meet the eligibility criteria and demonstrate a need for assistance. This includes co-op and condo owners who are seniors or have disabilities and may be at risk of losing their homes due to high property taxes.

The New York State Department of Finance will implement and oversee the fair tax relief system and ensure that co-op and condo owners, especially seniors and individuals with disabilities, can access homeowners assistance programs.

The State of New York will also provide education and outreach to co-op and condo owners, particularly seniors and individuals with disabilities, to help them understand the new tax relief system and how to apply for assistance.

This resolution aims to provide relief to co-op and condo owners facing higher property tax burdens, particularly seniors and individuals with disabilities who may be at risk of losing their homes due to high property taxes. By implementing a fair tax relief system and providing education and outreach, co-op and condo owners can better manage their property taxes and receive the support they need to age in place, especially at co-ops and condos built under affordable Housing homeownership programs.

Signer

Tamika Mapp

State Committeewoman, 68th AD

District Leader Candidate, Part D 68th AD