New York State recently passed an act that will be available for members of volunteer fire or ambulance services. The exemption will begin on January first of 2022 and will provide a 10% exemption on real property. This is only available for any unit of local government, having a population of more than 735,00 but less than 750,000 residents. The number of residents is based on the 2010 federal census information. Based on the census, one county that is eligible for this exemption is Monroe County.
A previous income tax credit is also available for volunteer firefighter and ambulance workers if they were active for all the tax year and they were a resident of New York. The credit amount is $200 for single filers and $400 for married filing joint where both spouses are eligible.
Senate Bill S4889 includes a proposal that is currently sitting with the Finance Committee. This Bill would raise the previous credit from $200 to $500 for single filers and raise the credit from $400 to $1,000 for spouses filing jointly.
In order to qualify for the new real estate tax exemption, there are conditions that the fire department or ambulance volunteer must fulfill:
- The applicant must reside in the city, town or village which is served by the fire department or ambulance service.
- The property must be the primary residence of the applicant and be used exclusively for residential purposes.
- The applicant must be certified by the relevant authority having jurisdiction for the volunteer fire department or ambulance service as an enrolled member for at least two years.
We recommend that volunteers who reside in Monroe County take advantage of this new exemption. If you need any assistance in navigating this new tax law or would like further information, please contact EFPR Group to learn more!