Release #149-98

Contact: Colleen Roche (212) 788-2958 or Jennifer Chait (212) 788-8479

MAYOR GIULIANI SIGNS BILL THAT PROVIDES A REAL PROPERTY TAX EXEMPTION FOR DISABLED HOMEOWNERS WITH LOW INCOMES

--Remarks By Mayor Rudolph W. Giuliani At Public Hearing On Local Laws--

The next bill before me is Introductory Number 9-A, sponsored by Speaker Vallone, Council Members Berman, Golden, Stabile, Robles and 15 of their colleagues. This bill authorizes a real property tax exemption for persons with disabilities whose incomes are limited due to such disabilities.

Specifically, the maximum real property tax exemption would be provided to disabled homeowners with incomes of $18,500 or less and would exempt 50 percent of the assessed value of their real property from any real property taxes. Additionally, for disabled homeowners with incomes greater than $18,500 but less than $26,900, a tax exemption of between five and 45 percent of the assessed value of the property could be provided.

This bill is consistent with the City's ongoing policy of reducing the tax burdens of our citizens whenever possible. This bill acknowledges that certain targeted tax relief is important for those homeowners who face physical or mental impairments that have substantially limited their income earning ability. More so, this bill represents an effort to make New York City more livable and affordable for those homeowners who are in need.

For the reasons previously stated, I will now sign the bill.

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