Rockland Responds: Town of Ramapo Supervisor Michael Specht Comments on Request Regarding Tax Abatement
Two Questions: first, is it true that a new law was passed in Ramapo that newly constructed condominiums are entitled to a tax abatement of real estate taxes?
2) If it is, in fact, true that the tax abatement law has been enacted for new condominiums, why is the law not applicable to all new homeowners? A first-time home purchaser with a purchase price of $600,000 could make better use of an abatement than an individual paying in excess of $1,300,000 for a newly constructed home.
Eliyahu Rubin - Monsey
The Town recently passed a law providing for partial tax exemptions for first-time home buyers of new construction who meet income and purchase price limits as set by NY State. This law applies to any eligible new construction, not just condominiums. The exemption starts at 50% and declines by 10% each year, phasing out after five years.
The law applies to 1-family houses, 2-family houses, townhouses, and condominiums. Also, eligible purchasers of existing housing who renovate the property can receive a partial exemption for the value the reconstruction adds to the property.
Here is a link to the State law that authorizes it.
Michael Specht, Town of Ramapo Supervisor
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