You Never Looked So Good: Making Long Island An Attractive Place To Call Home

If you’re looking to buy on Long Island, this may be your lucky year, especially if you’re a first time homebuyers.

Not only have prices been reported to be on the decline, but, now Nassau County is offering to lower taxes for first time homebuyers as an enticement and added incentive to stay.

Local officials had nothing but praise for the initial strides, though small, presented by the state-sanctioned “legislation expected to pass later in the month.

The anticipate that the program will lower the county portion of property taxes over the first five years for some first-time homebuyers who invest in newly built single-family homes. Furthermore, it would lower taxes on the amount spent for considerable renovations that would be required by these individuals had they purchased “fixer-uppers”.

In fact, officials note that they are hopeful that other municipalities will follow suit, noting that the city of Glen cove and the town of Oyster bay already have similar laws in place.

And, they suggest that the measure would make both housing and taxes more appealing and affordable and Long Island a more desirable place to settle in and call home.

Under the proposal, a family of two can’t earn more than 91,770 annually, and a family of three or more can’t earn more than $105,540. And a home cannot exceed $429,000

According to County Exec Tom Suozzi, based on the guidelines and the amount of homes built in Nassau last year, only about 50 homeowners will qualify and if approved, the program will take effect January 1.

Participants can look forward to having their county property taxed lowered by 50 percent the first year, 40 the second, 30 percent the third, 20 percent the fourth, and 10 percent the fifth.

And, the County executive says that should translate into between 2,500 and 3,000 over the five-year span.

Rosemary Olsen, Nassau’s director of housing and intergovernmental affairs adds that the total cost to the county should be less than $40,000 annually.