FOR IMMEDIATE RELEASE
December 22, 2003
MAYOR MICHAEL R. BLOOMBERG SIGNS LEGISLATION PROVIDING PROPERTY TAX EXEMPTIONS FOR THE DISABLED
Remarks by Mayor Bloomberg at a Public Hearing on Local Law
"The next bill before me is Introductory Number 624, sponsored by Council Members Lopez and Weprin. This legislation will allow more homeowners with disabilities to qualify for the Disabled Homeowners Exemption by raising the qualifying income range by $2,500 at each of the existing ten benefit levels. These changes mirror those recently made to the Senior Citizen Homeowners Exemption program by Local Law 68 of 2003, which I signed into law earlier this year. Most importantly, this legislation will make it easier for disabled homeowners with limited incomes to make ends meet and will help them maintain their status as homeowners in New York City.
"For example, at the highest benefit level, at which 50 percent of a property's assessed value is exempt from taxation, the income eligibility limit for the Disabled Homeowners Exemption is increasing from $21,500 to $24,000. Thus, a qualifying homeowner with a household income of $23,500 will receive the highest possible exemption, equal to 50 percent of the assessed value of his or her home. A homeowner with the same $23,500 income currently receives an exemption worth only 35 percent of the assessed value of his or her home.
"In Fiscal Year 2003, a total of 453 homeowners participated in the program. By modestly increasing the income eligibility limits for the exemption, we are able to provide a meaningful benefit to more people with disabilities and assist them in maintaining their homes."
Edward Skyler / Jordan Barowitz (212) 788-2958