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Weekly Report

Weekly Report for April 12, 2019

Save the Date: NYSAR Lobby Day in Albany – Tuesday May 7, 2019
All REALTORS are welcome to attend NYSAR’s Annual Lobby Day in the Albany Empire State Plaza (Concourse – Meeting Room 6) beginning at 8 a.m. on Tuesday, May 7, 2019. Our morning’s guest speaker will be Senator Shelley Mayer (D-Westchester). NYSAR will provide breakfast and lunch and lobbying materials, and will reimburse individual members up to $150 for travel and lodging expenses. There is also a NYSAR room block available at the Renaissance Hotel. You can email jburns@nysar.com with any questions. 

Changes to School Tax Relief (STAR) benefit program
The 2019 state budget made changes to the STAR benefit program to incentivize homeowners with an income less than $250,000 to switch from the old version of the STAR exemption program to the new STAR credit program. Under the new STAR credit program, homeowners pay the total school property tax bill up-front and receive a STAR credit check at a later date, rather than an immediate exemption. Homeowners with income more than $250,000 must switch to the STAR credit program. Qualifying homeowners that remain in the STAR exemption program will not see an increase in the value of their STAR benefit year-to-year, however, those who switch to the new STAR credit program will be eligible for up to 2 percent growth annually in the benefit amount. Learn more here

State Assembly introduces rent reform bills
The State Assembly introduced a package of bills that would strengthen tenant and rent protections. Proposals include eliminating the major capital improvement rent increase program, eliminating vacancy decontrol, reforming preferential rent increases, capping rent control increases, and expanding rent regulations statewide. The Assembly will be holding public hearings in May on these issues.

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