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FOR IMMEDIATE RELEASE
PR- 325-03
November 13, 2003

MAYOR MICHAEL R. BLOOMBERG SIGNS LEGISLATION INCREASING PROPERTY TAX EXEMPTIONS FOR LOW INCOME SENIORS

Remarks by Mayor Bloomberg at a Public Hearing on Local Law

“The first bill before me today is Introductory Number 540, sponsored by Council Member Baez, Speaker Miller and Council Members Comrie, Addabbo, Barron, Clarke, Fidler, Foster, Gennaro, Gentile, Gerson, Gioia, Jackson, Jennings, Koppell, Liu, Lopez, Martinez, McMahon, Monserrate, Nelson, Perkins, Provenzano, Quinn, Recchia, Reed, Reyna, Rivera, Sanders, Seabrook, Vallone, Gonzalez, Serrano, DeBlasio, Felder, Weprin and the Public Advocate.  This legislation raises the annual income eligibility levels for tax exemptions for low-income seniors under the Senior Citizen Homeowners Exemption Program (SCHE).

“The Senior Citizen Homeowners Exemption provides reduced property taxes for eligible New York City senior citizens who own and occupy residential properties.  To be eligible, a person must be 65 years of age or older and be the owner and occupant of the property for which the tax abatement is sought.  In addition, the senior must have held title to the property for at least 12 months prior to the application date.

“On September 9, 2003, Governor Pataki signed enabling legislation that authorized cities to raise the maximum income exemption eligibility level from $21,500 to $24,000 in order to qualify for the 50% property tax exemption.  The legislation also amended the upper income level from $29,900 to $32,400, to qualify for the 5% exemption.

“This legislation, which would allow approximately 1,000 additional seniors to take advantage of this program, is an important step in protecting low-income senior citizens, who are homeowners, by enabling them to remain in their homes and contribute to the stability and vitality of the City.”







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