"The bill before me today is Introductory Number 264-A, sponsored by Council Members Weprin, Clarke, Comrie, Davis, Dilan, Gennaro, Gerson, Gioia, Jackson, Jennings, Koppell, Lopez, Martinez, McMahon, Monserrate, Nelson, Perkins, Rivera, Sanders, Seabrook, Stewart, Vann and Yassky. This legislation will allow more people with disabilities to qualify for a homeowner's exemption at relatively little cost to the City. This program, which is authorized by New York State, should help prevent people with disabilities from losing their homes.

"In 1998, the State Legislature created a new benefit within the Senior Citizen Homeowner Exemption that provided a tax exemption for disabled homeowners with limited incomes. That same year, the City Council enacted legislation providing for this benefit in New York City. At the time of the inception of this program, an eligible homeowner with a household income of $18,500 or less received a 50% tax exemption on the assessed value of his or her home. In 1999, the State Legislature amended this law to allow localities to increase the maximum household income to $19,500 for the 50% exemption. The household income threshold was further increased by the State Legislature in 2000 to $20,500. In November of 2000 the City Council enacted local legislation implementing these increases in the income threshold amounts.

"Intro. 264-A adopts the most recent increase in income qualification level for the 50% tax exemption passed by the State Legislature during its last session, raising the income limit by $1,000 to $21,500."