Connect with us

Hi, what are you looking for?

Business

Kingston School Board Approves Tax Exemptions for Housing Growth

The Kingston School Board has endorsed a plan to provide tax exemptions for new accessory dwelling units and mixed-income multifamily housing. The approval occurred during the board’s meeting on September 24, 2024, marking a significant advancement in the city’s housing strategy. Although the Kingston Common Council initially approved the exemptions in August 2024, the plan still requires the endorsement of the Ulster County Legislature before implementation.

This initiative utilizes the 421-P exemption, which permits municipalities to exempt newly constructed or converted rental properties with multiple dwelling units from taxation based on property value. To qualify, new structures must consist of at least ten units and be developed on vacant or underutilized land. Importantly, a minimum of 25% of the units must be affordable for households earning between 60% and 80% of the Area Median Income (AMI), while none may house families with incomes exceeding 100% AMI.

Properties that meet these criteria will receive a full tax exemption during construction for up to three years. Following this period, there is an additional 25-year phase of decreasing tax exemptions, starting with a 96% exemption in the first post-construction year, decreasing by 4% each subsequent year. Mayor Steve Noble’s office confirmed that no property will incur lower tax payments than prior to receiving the exemption.

Additionally, state legislation provides for the 421-P*2 exemption, allowing municipalities to partially exempt new accessory dwelling units from taxation for ten years. This exemption starts at 100% in the first year and gradually reduces over the following five years. The qualifying accessory dwelling must offer independent living facilities and cannot be used for short-term rental purposes.

Noble emphasized the city’s ambitious target of approving 1,000 housing units in Kingston by 2029. He expressed optimism that this dual approach would support both homeowners in creating additional housing and developers in undertaking larger projects.

Kingston City School District Superintendent Paul Padalino highlighted the broader community benefits of this initiative, stating, “The lack of adequate, proper housing has an impact on our entire community, especially our young people. These measures help ensure more families gain access to stable homes, providing students with a foundation for mental and emotional security, which is essential for academic success.”

For further details on the 421-P exemption for multifamily projects, visit the New York State Senate website. Information about the 421-P*2 exemption for accessory dwelling units can also be found on the same site.

You May Also Like

Technology

Tesla (TSLA) recently reported a year-over-year drop in second-quarter deliveries, yet the market responded with optimism, pushing the stock up by 5%. This unexpected...

Health

The All England Lawn Tennis Club in London experienced its hottest-ever opening day on Monday, as the prestigious Wimbledon tournament kicked off under unprecedented...

Technology

In a bold reimagining of the DC Universe, director James Gunn has introduced a significant narrative element in his latest film, which reveals that...

Science

Look out, daters: a new toxic relationship trend is sweeping through the romantic world, leaving many baffled and heartbroken. Known as “Banksying,” this phenomenon...

Technology

Former Speaker of the House Nancy Pelosi has recently made headlines with her latest investment in the tech sector. According to official filings, she...

Entertainment

Netflix’s eagerly anticipated talent competition Building the Band is set to premiere on July 9, promising an emotional journey for viewers. This series, centered...

Entertainment

A new documentary series titled “Animals on Drugs” is set to premiere on the Discovery Channel on July 28, 2023. The three-part series follows...

Technology

The answer to today’s NYT Wordle, dated August 8, 2025, is the verb IMBUE. This word, which means “to fill or saturate,” features three...

World

The first dose of the hepatitis B vaccine is recommended at birth, a practice that has come under scrutiny following recent comments by Health...

Sports

ZAGREB, Croatia — A concert by Marko Perkovic, a right-wing Croatian singer known for his controversial views, attracted tens of thousands of fans to...

Technology

The Evo 2025 tournament is set to take place from August 1 to August 3, 2025, showcasing some of the most popular fighting games...

Sports

As the summer of 2025 unfolds, the video game industry is set to deliver a diverse array of new releases that promise to captivate...

Politics

Billionaire hedge fund manager Bill Ackman faced significant backlash following his professional tennis debut at the Hall of Fame Open in Newport, Rhode Island,...

Lifestyle

The upcoming TRNSMT 2025 festival is set to take place from July 7 to July 9, 2025, at Glasgow Green, and organizers have released...

Business

Erin Dana Lichy, a prominent cast member of “Real Housewives of New York,” has officially settled into her dream home, a grand townhouse located...

Entertainment

While the echoes of Summer Game Fest 2025 and the Xbox Games Showcase still resonate, Xbox has already set its sights on the next...

Copyright © All rights reserved. This website provides general news and educational content for informational purposes only. While we strive for accuracy, we do not guarantee the completeness or reliability of the information presented. The content should not be considered professional advice of any kind. Readers are encouraged to verify facts and consult appropriate experts when needed. We are not responsible for any loss or inconvenience resulting from the use of information on this site.