New county law offers tax break for families building space for parents or grandparents
— Photo from the Albany County Executive’s Office
Announcing the tax break are, from left, Albany County legislators Susan Quine-Laurilliard and Paul Burgdorf, Deputy Chairwoman Wanda Willingham, Deputy County Executive Michael McLaughlin, legislators Dr. Carolyn McLaughlin and Susan Pedo, and County Clerk Bruce Hidley.
ALBANY COUNTY — Families building living quarters for parents or grandparents will get a tax exemption due to a new county law.
The exemption will apply to construction or reconstruction that took place after Jan. 1, 2023 and will continue to apply only while the parent or grandparent lives there.
The exemption applies for people 62 or older who use the space as their primary residence.
The amount of the exemption is equal to the lesser of the increase in assessed value of the home based on the construction or reconstruction, 20 percent of the total assessed value of the property, or 20 percent of median sales price of residential properties as reported by the state’s commissioner of taxation and finance.
The 2023 median sale price for homes within Albany County as reported by the New York State Commissioner of Taxation and Finance was $280,000
“This law recognizes the contributions of caregivers, and will alleviate some of the financial strain that can come with providing care,” said County Executive Daniel McCoy in a release announcing the law.
“It will also encourage other families to consider Intergenerational living, which ultimately helps with addressing the affordable housing needs of our senior population and leads to better care for the older-adults in our community,” he said.
“There is a lack of affordable housing for all ages in our community, but we often overlook how this problem impacts our seniors, particularly those who are up against economic disadvantages,” said the county legislature’s deputy chairwoman, Wanda Willingham, in the release.
“Many families in Albany County choose to house their parents and grandparents in auxiliary dwelling units, or ‘in-law suites,’ providing the seniors in their lives with appropriate care and a warm, welcoming home surrounded by their loved ones,” she said.
“I know first-hand how stressful it can be when an aging parent faces health challenges that require more direct engagement, monitoring and care from family members,” said the legislature’s chairwoman, Joanne Cunningham. “This tax incentive makes it easier for families to plan for an aging parent or relative to have the space they need in the family home, making it comfortable and safe for all.”
— Melissa Hale-Spencer
