FOR BREAKING NEWS VISIT www.queenscourier.com MARCH 12, 2015 • REAL ESTATE • The Queens Courier 43 ▶ real estate State Assembly hopes to tackle property taxes, affordable housing issues with proposed budget BY LIAM LA GUERRE [email protected]/@LiamLaGuerre The New York State Assembly introduced on March 10 its 2015-2016 proposed budget, which seeks to fight various social issues, including the affordable housing crisis, homelessness and high property taxes. Calling it the “Families First” budget, the Democrat-led Assembly proposed a $150.7 billion budget, which targets improvements in education, child care, the minimum wage, and health and human services. The proposal also contains a property tax “circuit breaker” that will give homeowners relief by basing property taxes on household incomes instead of values See it: Stylish Forest Hills home hits market for nearly $2 million BY LIAM LA GUERRE [email protected] @LiamLaGuerre A Forest Hills home that recently had a striking interior renovation is listed for $1,989,000. The home at 69-54 Groton St., which is being called “Dream Designer Home” by Terrace Sotheby’s International Realty, features four bedrooms and four and a half bathrooms in nearly 3,000 square feet of space. A foyer with an enclosed sunroom greets residents into the home, and the living room has beamed ceilings and a fireplace. The kitchen has custom cabinetry and Wolf appliances, and on the second floor, the master bedroom includes a spa-style bath. There is a 400-square-foot terrace on the second level as well as two other bedrooms, although one has been converted into a dressing room. The basement has a laundry area and another bathroom and there is a two-car garage in the house as well. Photos courtesy of Terrace Sotheby’s International Realty of their homes. If enacted, it would be the first property tax reduction in recent years, according to Assemblywoman Nily Rozic. With values quickly rising throughout burgeoning neighborhoods in Queens, Rozic hopes the property tax relief will help families with higher housing expenses. “Queens families have been crippled by sky-high property taxes and rents for far too long,” Rozic said. “It’s time for families to pay based on what they can afford and not their property’s value.” The “circuit breaker” tax relief would also extend to renters by tying a portion of annual rent to household income. Gov. Andrew Cuomo proposed a “circuit breaker” tax credit that would provide about $1.7 billion in rebates for homeowners whose property taxes are above six percent of their incomes in his proposal earlier in the year. The Assembly’s budget also targets $254.5 million for affordable housing, including $100 million for assistance to help homeowners in foreclosure. An additional $310 million will be allocated toward housing preservation and rehabilitation programs, and $36.5 million for homeless prevention. The state legislative bodies have about three weeks to meet the April 1 budget deadline. Photo courtesy of Christopher Bride/PropertyShark
QC03122015
To see the actual publication please follow the link above