New York announces tax relief and housing investments

New York Governor Kathy Hochul has announced several initiatives aimed at providing tax relief and improving housing affordability across the state. Through the STAR program, approximately 2.78 million residents are expected to receive $2.1 billion in tax relief during 2026 to mitigate the impact of residential property taxes on school districts.

Most eligible taxpayers with incomes up to $500,000 will receive payments between $350 and $600. Seniors aged 65 and older may qualify for Enhanced STAR, with payments ranging from $700 to $1,500. The largest allocations are designated for Long Island and the Mid-Hudson region.

Additionally, the state is investing $125 million into the Affordable Multifamily Program Upstate (AMP Up). Administered by NYSERDA, this program provides incentives for building owners to implement energy-efficient upgrades, such as new appliances, windows, and heating systems, to reduce utility costs and improve living environments in low-to-moderate-income communities.