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Ulster County residents could soon benefit from a proposed 10% property tax exemption aimed at easing the financial burden of homeownership. State Senator Michelle Hinchey introduced the bill, which targets full-time residents or those renting to full-time residents. The initiative seeks to address the rising housing costs driven by the increase in second homes and short-term rentals in the area.
According to the Daily Freeman, the proposal was initially presented by Ulster County Executive Jen Metzger during her State of the County address. Metzger emphasized the need to support the community's full-time residents, who play a crucial role in maintaining local services and civic life.
The bill, if passed, would allow each municipality within Ulster County to decide whether to offer the tax break. Areas with a high number of second homes are expected to benefit the most from this exemption. Deputy County Executive James Amenta noted that the increased taxes on second homes are unlikely to deter buyers of high-value vacation properties but may encourage property owners to convert short-term rentals into full-time housing options.
The Spectrum News reported that Metzger highlighted the strain on local resources caused by the proliferation of second homes. The proposed tax break aims to incentivize full-time residency and alleviate the housing crisis in the county.
Metzger's address also outlined other county initiatives, including the development of 700 affordable homes and a focus on environmental sustainability. The county plans to implement a real-time air quality monitoring system and launch a PFAS testing program for private wells, as reported by The Overlook News.
The bill's proponents hope to see it pass during the current legislative session, potentially serving as a model for other counties across New York State.