Real Estate Attorney NYC

At Russo Law Group, P.C., as your New York City real estate attorney, we have the knowledge and experience to help you safeguard your castle.

New York Real Estate Sales and Purchases

The world of real estate has become more complicated over time. We represent clients on all aspects of residential, condominium, cooperative apartment, and commercial purchases and sales. Whether you’re purchasing or selling your first home, adding property to your real estate portfolio, downsizing to a smaller home, helping a parent sell a house, or selling a house after a parent’s death, Russo Law Group, P.C. can help you. We represent you from contract negotiation and obtaining financing to clearing title and closing. We have three locations across Nassau and Suffolk counties, which allows for convenient access to not only Long Island, but also the five borrows. An NYC real estate attorney on our team will help you through the maze of paperwork and decisions that are a part of every real estate closing. We can also visit your home and offer virtual meetings for convenience.

How Can I Protect My House in Suffolk County, Nassau County, or New York City?

Many people come to us in crisis because a loved one needs nursing home care. They want to know how to save the house. Many techniques can be used to save your home, from re-titling the property to the right person to sophisticated legal trusts. For example, parents can transfer their home to their children and keep a life estate (see below).

We take great care to make sure that nothing endangers New York Medicaid nursing home benefits. Unless you are intimately familiar with Medicaid and changes under the Deficit Reduction Act, saving your house is not a do-it-yourself project. With an experienced real estate lawyer on the legal team of Russo Law Group, P.C. on your side, we can help you save your house in Suffolk, Nassau, and surrounding New York counties.

Understanding Leases in New York Real Estate Law

For residential and retail real estate and investment properties, we represent landowners and tenants in a variety of leasing transactions. We prepare, negotiate, review, analyze, and enforce leases. We thoroughly understand the interplay between the legal and business components of leasing. A well-strategized lease can greatly affect the property’s economics while minimizing the legal risk. Our experienced attorneys secure our clients’ leasing interests while saving time and money.

Life Estates in Nassau County, Suffolk County, and New York City, NY

Would you like to give your house to your child but stay in your home as long as you’re alive? If so, a life estate may make sense. As with any other planning technique, there are pluses and minuses. We will explain the Medicaid and tax benefits of a life estate. We’ll also help you determine if this strategy makes sense for you and your family. Then, we’ll make sure the paperwork is properly drafted and executed.

New York Reverse Mortgages

With a traditional mortgage, you pay the bank back, month by month, and eventually, own the home free and clear of debt. A reverse mortgage is the exact opposite of a traditional mortgage: the mortgage company pays YOU, the homeowner, each month. You don’t have to pay the reverse mortgage back until much later. A reverse mortgage allows homeowners who are at least 62 years old to tap into their home equity to supplement their retirement income.

You may have heard that reverse mortgages are the next best thing since sliced bread or that they’re a rip-off. Like most sophisticated financial solutions, the answer isn’t black and white, and having the right New York real estate lawyer is important. There’s one very important thing to know with a reverse mortgage; as long as you are alive and living in the home, you won’t have to repay the loan.

A reverse mortgage doesn’t make sense if you plan on moving soon or have other cash available to tap into first. It can be a wonderful solution for someone who is house rich and cash poor.

A New York real estate attorney can help you evaluate whether a reverse mortgage makes sense for you, and then we can help you find a reputable reverse mortgage lender. We’ll make sure that it fits in your overall estate plan in Nassau, Suffolk, and surrounding New York counties.

How can I save on my real property taxes in New York?

Making sure you are taking advantage of all available property tax exemptions is one way to save on your real property taxes in New York.

Although all property is assessed, not all of it is taxable. Some properties are completely exempt from paying property taxes, while others are partially exempt. Some examples of scenarios where partial exemptions may be available are veterans who qualify for an exemption on their homes and homeowners who are eligible for the School Tax Relief (STAR) program.

Since most exemptions are offered by the local taxing jurisdiction (municipality, county, or school district), it is important to check with your local tax assessor to determine what exemptions are available in your area.

The following is a list of common NYS Property Tax Exemptions:

STAR (School Tax Relief) in New York

The Basic STAR

This New York school tax relief (STAR) is available for owner-occupied, primary residences where the resident owner and their spouse’s income is less than $500,000. To receive an exemption, combined incomes must be less than $250,000. The income limit applies to the combined incomes of only the owners and the owners’ spouses who reside at the property.

The Enhanced STAR

For the 2023 tax year, this New York school tax relief provides an increased benefit for the primary residences of senior citizens (age 65 and older) with combined qualifying incomes in 2023 of less than $93,200. It is important to note that unlike Basic STAR, the income limit applies to the combined income all owners, whether or not they are residents, as well as any owner’s spouse who resides at the property.

STAR exemptions in Nassau County and Suffolk County apply only to school district taxes. They don’t apply to property taxes for other purposes, such as county, town, or city (except in cities where city property taxes fund schools – Buffalo, New York City, Rochester, Syracuse, and Yonkers).

Real Estate Law Exemptions in Nassau County, Suffolk County, and New York City, NY

Understanding Veterans’ Exemption

There are three different property tax exemptions available to veterans who have served in the United States Armed Forces, including veterans who served in the US Army, Navy, Air Force, Marines, and Coast Guard.

If you’re an eligible veteran, you must submit the initial exemption application form to your local tax assessor. Although you should confirm the date with your local tax assessor, the deadline in most communities is March 1 of each year. You’ll need to provide proof of discharge under honorable conditions, including times and places served in active duty (usually form DD-214), which must be attached to the exemption application.

Whichever exemption a veteran chooses, it will apply only to your county, city, town, and village taxes; it doesn’t apply to special district taxes.

You can only receive one of the three exemptions listed below.

Alternative Veterans’ Exemption (Authorized by Real Property Tax Law, section 458-a)

• Available only on residential property of a veteran who has served during a designated time of war or received an expeditionary medal.
• Veteran applicants should check with their local assessor or clerk in their local municipality to see whether the alternative veterans’ exemption is offered.

Cold War Veterans’ Exemption (Authorized by Real Property Tax Law, section 458-b)

• Available only on residential property of a veteran who served during the Cold War period.
• Counties, cities, towns, and villages have the option to offer this exemption to qualified veterans.
• Check with your assessor or clerk to see whether the Cold War Veterans’ exemption is offered.

Eligible Funds Exemption

• Provides a partial exemption.
• Applies to property that a veteran or certain other designated person purchases. Such owners must purchase the property with pension, bonus, or insurance monies.

Understanding Exemptions for Persons with Disabilities

Local governments and school districts in New York State can opt to grant a reduction on the amount of property taxes paid by qualifying persons with disabilities.

To qualify, persons with disabilities must have certain documented evidence of their disability and meet income limitations and other requirements.

The exemption provides up to a 50% reduction in the assessed value of the legal residence of the qualifying disabled person(s). For the exemption, the law allows each county, city, town, village, or school district to set the maximum income limit between $3,000 and $50,000 in 2023.

Localities have the further option of giving less than 50% exemptions to persons with qualifying disabilities whose incomes are more than $50,000. Under the sliding-scale option, a qualifying owner can have a yearly income as high as $58,400 and get a 5% exemption in places that use the maximum limit.

Applications must be filed by a specified deadline to be eligible for this exemption. In most communities, the deadline for submitting exemption applications is March 1 each year, but the dates may vary in some cities and counties.

You should check with your local tax assessor or the clerks of the local governments and school districts involved to determine the income limits applicable to your community.

Understanding New York’s Senior Citizens Property Tax Exemption

Local governments and school districts in New York State can opt to grant a reduction on the amount of property taxes paid by qualifying senior citizens. This can reduce the taxable assessment of the senior’s home by as much as 50%.

To qualify, seniors generally must be 65 years of age or older and meet certain income limitations and other requirements. For the 50% exemption, the law allows each county, city, town, village, or school district to set the maximum income limit between $3,000 and $50,000 in 2023.

Localities have the further option of giving less than 50% exemptions to seniors whose incomes are more than $50,000. Under the “sliding-scale option,” owners can have a yearly income as high as $58,400 and get a 5% exemption in places that use the maximum limit.

Applications must be filed by a specified deadline to be eligible for this exemption. In most communities, the deadline for submitting exemption applications is March 1 each year, but the dates may vary in some cities and counties.

You should check with your local tax assessor or the clerks of the local governments and school districts involved to determine the income limits applicable to your community..

Russo Law Group, P.C. helps you and your loved ones handle estate planning, elder law, special needs planning, Medicaid planning, trust & estate, guardianship, small business planning, and real estate law. We welcome you to contact our Garden City, Lido Beach, or Islandia, New York law offices to learn more about how we can help address your New York real estate legal needs. We can also visit your home and offer virtual meetings for convenience.

If you have questions or concerns about real estate issues in Long Island and New York City communities, please don’t hesitate to contact the real estate attorneys with Russo Law Group, P.C.