Merante Proposes Real Estate Transfer Tax Break for Longtime Senior Homeowners

eHezi Business, Campaign Trail, Community, Finance, Governance, History, People, Politics, Westchester County, NY, Yonkers, NY 9 Comments

Anthony Merante speaking with friends and supporters at kitchen table.

YONKERS, NY — July 27, 2017 — “It’s time our senior citizens, who have embraced and called Yonkers home for years, get relief from the city’s onerous exit tax,” District 6 City Council candidate Anthony Merante said. Merante, a local businessman and CPA running on the Republican line, is referring to Yonkers’ long-unpopular Real Estate Transfer Tax. Merante is proposing that senior citizens, looking to retire and downsize, should see the city’s imposed real estate transfer tax cut in half upon the sale of their home. If they decide to purchase another property in Yonkers, the tax should be eliminated altogether.

Under Merante’s plan, homeowners over the age of 62 who have lived in their home 30 years or more, would see a 50 percent reduction in the currently mandated 1.5 percent transfer tax upon the sale of their premises. If the homeowner reinvests and buys another property in Yonkers, they would be exempt from paying the exit tax entirely.

“We are talking longtime Yonkers residents here who have committed to Yonkers over the long haul – remaining steadfast residents raising their families in our city,” Merante said. “With many on a fixed income, they need every dollar that the sale of their home can provide.”

Currently, the Yonkers’ real estate transfer tax, commonly known as an exit tax, is set at 1.5 percent of the sale of a house. If a house sells for $400,000, the average cost of a Yonkers one-family home, the seller pays some $6,000 to the city in taxes.

Over the years, this tax has been 3 percent, fluctuating up and down based on the city’s need for additional tax revenue. Yonkers is one of two cities in Westchester County that impose this tax. Mt. Vernon is the second.

If Merante’s tax elimination proposal is enacted, seniors would save $6,000 on the sale of a $400,000 home instead of paying the current transfer tax of $6,000. Merante believes the time is right for giving senior citizens relief from this unpopular tax. “We shouldn’t be penalizing them for making their homes here – for their loyalty and love of our city,” Merante said. “Instead, we should be showing our gratitude by giving them a break from this onerous tax.”

Some longtime PILOT’s (payments-in-lieu-of-taxes), given to businesses and developers in the past to entice them to build or locate in Yonkers, have ended. Former recipients of PILOT’s including Home Depot and Stew Leonard’s, will be paying full property taxes, adding to the city’s coffers.

Under the current administration, new initiative PILOT’s have been more conservative and realistic to the needs of the city. Negotiations have yielded a reduction in the duration of PILOT’s and the rate of tax return more in line with the city’s needs, while still offering relief for some start-up businesses.

About Anthony
Anthony Merante, a local businessman, CPA, husband and father of two is the endorsed candidate of the Yonkers Republican Party. He is seeking his first elective office.

Email: info@Merante2017.com

Web: Merante2017.com

FB:@Merante2017

A lifelong resident of Yonkers, Merante, 56 is running on a platform of holding the line on property taxes, increasing safety by greater community policing, improving and rebuilding Yonkers Public Schools and better city services to improve neighborhood quality of life.

Family Man & Businessman
Anthony Merante is a 30 year resident of Yonkers, He graduated Saint John’s University, Bachelor of Science in Accounting and has been a Certified Public Accountant since 1987. Mr. Merante is also a member of the New York State Society of CPAs. He is a Yonkers businessman; owner Anthony J. Merante CPA, P.C., and Co-Owner and Vice-President, Westchester Kitchen & Bath, Inc. Anthony has been married to his wife, Yolanda, for (33) years. They have two children, Anthony Jr. (22), Gianna (16), and their dog Snoopy Rudolf. The Merante children attended Yonkers Public Schools and the family are Parishioners of Annunciation–Our Lady of Fatima

Community Service
Over the years, Anthony Merante has shown a passion and dedication to his community. He has been President of the Sprain Lake Knolls Civic Association for 7 years and a member for 20 years. He has also served as a former Treasurer First Precinct Community Council and spokesperson for Yonkers Education Advocates. He is a member of the Enrico Fermi Educational Fund and a treasurer for Yonkers Columbus Day Celebration Committee. Anthony has been active in Yonkers schools as a former member of the Patricia DiChiaro Elementary School PTA and the Yonkers Middle/High School PTA. He has been a supporter of law enforcement as a volunteer at Annual Police National Night Out.

eHeziMerante Proposes Real Estate Transfer Tax Break for Longtime Senior Homeowners

Comments 9

  1. Most seniors are not rolling around in money. You will all need some help when you are older. I hope you remember what you said now in years to come.

  2. Half the civil servants bullshit the residency requirement. Residency in this city is an abstract idea; kind of like the Crab Nebula, you have heard of it but you will never see it.

  3. Sorry Anthony, you are wrong. The Hostage tax is illegal and unconstitutional. You cannot tax one type of people based on owning a house, while condo, coop and business property owners are immune to this tax. It is not surprising that the only places in New York State that have this tax are Yonkers and Mount Vermin. Why should seniors be exempt? Why don’t republicans abolish this illegal tax?

    Speaking of taxes how much does Yonkers take in in stealth taxes, you know the tax on your cell phone, internet etc?

    “Some longtime PILOT’s (payments-in-lieu-of-taxes), given to businesses and developers in the past to entice them to build or locate in Yonkers, have ended. Former recipients of PILOT’s including Home Depot and Stew Leonard’s, will be paying full property taxes, adding to the city’s coffers.”

    Anthony, could you please give Hezi the figures for the “full taxes” being paid by these booming businesses.

  4. So, a tax break for people who have probably already paid their house off a long time ago, and purchased the house back when they were much more affordable. Yes, those are people in need of relief, as they roll around in profit from inflation. Not saying the tax isn’t a burden, but this is an obvious desperate grab for older voters, and would lose in a Council vote anyway.

  5. Excuse me, but many of those seniors are not paying their fair share of taxes since there hasn’t been a revaluation in Yonkers since the 1950s. Scare tactics have always been used by politicians who did not have and will never have the political will to do this reval. They were always spinning tales of terror, earmarked to senior citizens, telling them they would be the ones to suffer most from a reval, telling them they would take the biggest hit. Without a reval there is no telling who is paying too much and who is paying too little. If it does, in fact, turn out that seniors will see the biggest increase I look at it this way: They were paying too little for years and got to save or spend that money for years, while others paid the price via their overpayments. Older homeowners lived in Yonkers when the city was known as the ‘City of Gracious Living’, which is no longer the case. What about the younger families with children who have both parents working with children in a horrible public school system? They are the ones taking a chance on Yonkers now when the going isn’t so good. Anything for them? Why don’t ask the city council why that transfer tax is on the books, period? It was supposed to be temporary in the early 1980s. Surprise, it’s still here. Oops…they don’t care. Several have family on the city payroll, that’s why.

    1. He is a 30 year resident and in a few short years he will be 62. So this works out nice for HIM and HIS family. Great job proposing an initiative that will directly benefit you. But at least he showed his true colors before Election Day. Most of these self serving connivers wait until after they are elected.

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