Capital District Times

Albany County Executive Daniel P. McCoy and the Albany County Legislature leadership announced the passage of Local Law F for 2024, amending Chapter 270 of the Albany County Code to provide a real property tax exemption for constructing living quarters dedicated to parents or grandparents. This initiative addresses the growing housing challenges among older adults who cannot afford assisted living or other long-term care options.

“Intergenerational housing provides a supportive environment where older family members can receive the care and support that they need while spending quality time with their children and grandchildren,” said Albany County Executive McCoy. “This law recognizes the contributions of caregivers and will alleviate some of the financial strain that can come with providing care. It will also encourage other families to consider intergenerational living, which ultimately helps with addressing the affordable housing needs of our senior population and leads to better care for the older adults in our community.”

“I am thrilled to be part of this initiative - which incentivizes families to create auxiliary housing opportunities for aging parents or relatives in order to age safely in place," said Albany County Legislature Chairwoman Joanne Cunningham. "I know first-hand how stressful it can be when an aging parent faces health challenges that require more direct engagement, monitoring, and care from family members. This tax incentive makes it easier for families to plan for an aging parent or relative to have the space they need in the family home, making it comfortable and safe for all."

“With age comes a greater need for essential support and care to preserve one’s overall health and well-being," said Albany County Legislature Deputy Chairwoman Wanda Willingham. "Exceptional care often comes at a cost, and many in Albany County feel the financial strain inherent in finding assisted living or other long-term care housing options. There is a lack of affordable housing for all ages in our community, but we often overlook how this problem impacts our seniors, particularly those facing economic disadvantages."

“As Chair of the Elder Care Committee, I believe this law brings significant social and economic benefits to the residents of Albany County by encouraging family-based eldercare, reducing the strain on public facilities, and enhancing the quality of life for our elderly population,” said Albany County Legislative Black Caucus Chairwoman Dr. Carolyn McLaughlin.

The new law permits a real property tax exemption for properties constructed or reconstructed to provide living quarters for a parent or grandparent aged 62 or older. The exemption applies only to primary residences of both child/grandchild and parent/grandparent. The exemption amount is equal to either the lesser increase in assessed value due to construction/reconstruction, 20% of total assessed property value, or 20% of median residential sales price as reported by NYS Commissioner of Taxation and Finance.

The property tax exemption applies only to construction or reconstruction occurring after January 1, 2023, continuing only during taxable years where at least one parent or grandparent maintains their primary residence in such quarters.

Local Law F will take effect on January 1, 2025.

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