The Village of Spring Valley adopted a resolution providing property tax deductions for eligible first-time homebuyers, aimed at easing the financial burden for new homeowners in the village. Notably, this program is available not only to new purchases but also to qualifying homes bought before the program was adopted.
Under the program, qualifying first-time new construction homeowners are eligible for a tax deduction that gradually decreases over five years. The deduction schedule is as follows:
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Year 1: 50% reduction
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Year 2: 40% reduction
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Year 3: 30% reduction
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Year 4: 20% reduction
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Year 5: 10% reduction
To qualify, applicants must meet specific income and purchase price criteria, as detailed in the official application guidelines.
An additional provision in Spring Valley allows first-time buyers who have renovated an existing home to qualify for this deduction, provided the construction begins within 90 days of the purchase and exceeds $3,000 in costs.
Applications must be filed by December 30th. Residents interested in applying can submit applications to Kristen Padilla, the Village Assessor Clerk, at kpadilla@villagespringvalley.org or by phone at (845) 352-1100 x193. Applicants are also encouraged to cc Trustee Yisroel Eisenbach at yeisenbach@villagespringvalley.org or contact him directly at (845) 826-4639 for guidance and personal assistance.
Just like throughout the year, Village Trustee Yisroel Eisenbach continues to show his dedication to the community — not only working tirelessly on residents’ behalf but also making himself personally available to assist with the application process.
For detailed eligibility information and to download the application form, visit the official link here.