"The next bill before me Introductory Number 445-A, sponsored by Speaker Quinn and Council Members Gentile, Arroyo, Addabbo, Brewer, Clarke, Comrie, Dilan, Felder, Fidler, Gerson, Gonzalez, James, Koppell, Lappin, Liu, Mealy, Nelson, Palma, Recchia, Rivera, Sanders, Sears, Stewart, Weprin, Mark-Viverito, Mendez, Gallagher, Lanza, Oddo Vacca, Martinez, Dickens, McMahon, Gennaro, Avella, Katz and the Public Advocate Betsy Gotbaum. This legislation raises the qualifying income eligibility level under the Senior Citizen Homeowner's Exemption.

"The Senior Citizen Homeowner's Exemption provides up to a 50% property tax exemption for eligible seniors that own and occupy residential properties. On July 26th, Governor Pataki signed legislation allowing the City to raise the program's annual income eligibility level, and this bill will raise the threshold from the present $24,000 to $26,000 in 2006, $27,000 in 2007, $28,000 in 2008 and $29,000 in 2009.

"This legislation will allow many seniors to take advantage of this vital exemption, which helps them remain in their homes and contribute to the stability and strength of the City.

"I would like to thank Department of Finance Commissioner Martha Stark and Department for the Aging Commissioner Edwin Mendez-Santiago and their staffs for their work on this bill. I would also like to thank the Council for approving this bill."