A Local Law to amend the administrative code of the city of New York, in relation to the creation of additional annual income categories and corresponding exemption percentages for certain households eligible for the senior citizens homeowners’ exemption

Summary

Currently, senior citizens with annual incomes of $50,000 or less may qualify for an exemption from real property taxes to the extent of 50% of the assessed value of their homes. Acting upon authority granted to the City under a recent amendment of State law, this bill would expand tax relief to such senior citizen homeowners in the following income brackets: for homeowners with incomes equaling $48,000 or more but less than $49,000, 55 percent of the assessed home value would be exempt; for homeowners with incomes equaling $47,000 or more but less than $48,000, 60 percent of the assessed home value would be exempt; and for homeowners with incomes less than $47,000, 65 percent of the assessed home value would be exempt.

Official summary of legislation · NYC Council