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.
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.
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
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.