MAYOR MICHAEL R. BLOOMBERG SIGNS LEGISLATION EXPANDING SENIOR CITIZEN HOMEOWNERS PROPERTY TAX EXEMPTION

Remarks by Mayor Bloomberg at a Public Hearing on Local Laws

"The next bill before me today is Introductory Number 265, sponsored by Speaker Miller, Council Members Weprin, Clarke, Comrie and 23 of their colleagues, which amends the Administrative Code with respect to the Senior Citizens Homeowners Exemption (SCHE) program.

"The Senior Citizen Homeowners Exemption provides reduced property taxes for eligible New York City senior citizens that 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. Currently, to qualify for the maximum tax exemption of 50% of the assessed value of the property, an applicant must have an annual income of $20,500 or less; households with incomes over $20,500 but less than $28,900 may qualify for graduated exemptions of between five percent and 45 percent.

"On July 30, 2002, Governor Pataki signed enabling legislation which authorized the raising of the maximum income exemption eligibility level from $20,500 to $21,500 in order to qualify for the 50% property tax exemption. The legislation also amended the upper income level from $28,900 to $29,900 to qualify for exemptions of five percent to 45 percent.

"This legislation, which would allow approximately 1,000 additional taxpayers to qualify for the maximum exemption, 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."