Albany County Executive Daniel P. McCoy and the Albany County Legislature leadership today 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 the construction of living quarters dedicated to parents or grandparents. A growing challenge among the older adult community is housing, as many cannot afford assisted living or other long-term care options. That is why many families throughout Albany County rely on intergenerational housing through auxiliary dwelling units, sometimes referred to as “in-law suites,” as a way to care for their aging family members and ensure their health and well-being. 

“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. 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. We need more of this kind of public policy that offers creative solutions to address the challenges of aging in place. Thank you to my colleagues who worked on this and County Executive Dan McCoy for his leadership on this tax incentive,” said Albany County Legislature Chairwoman Joanne Cunningham.

“With age, comes a greater need for essential support and care to preserve one’s overall health and well-being. Exceptional care often comes at a cost and many in Albany County feel the financial strain that is 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 who are up against economic disadvantages. Many families in Albany County choose to house their parents and grandparents in auxiliary dwelling units, or “in-law suites,” providing the seniors in their lives with appropriate care and a warm, welcoming home surrounded by their loved ones. I am so proud that we are bringing relief to these families through this law and I look forward to seeing the positive impact it assuredly will bring,” said Albany County Legislature Deputy Chairwoman Wanda Willingham

“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.

This exemption permits a real property tax exemption for properties in Albany County that were constructed or reconstructed to provide living quarters for a parent or grandparent who is 62 or older. The tax exemption applies only to the primary residence of the child or grandchild and also the primary residence of the parent or grandparent. The exemption amount is equal to the lesser of the increase in assessed value of the home based on the construction or reconstruction, 20% of the total assessed value of the property, or 20% of median sales price of residential properties as reported by the NYS commissioner of taxation and finance. The 2023 median sale price for homes within Albany County as reported by the NYS Commissioner of Taxation and Finance was $280,000

The property tax exemption will only be applicable to construction or reconstruction that occurred after January 1, 2023, and will only will only continue to apply to the taxable years in which at least one parent or grandparent maintains their primary residents in such living quarters.

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

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Pic from press conference, left to right- County legislators Susan Quine-Laurilliard, Paul Burgdorf (Deputy Minority Leader of the Republican and Conservative Conference), Deputy Chairwoman Wanda Willingham, Deputy County Executive Michael McLaughlin, legislators Dr. Carolyn McLaughlin and Susan Pedo and County Clerk Bruce Hidley.