Addabbo Gets Exemption For Eligible Seniors
City Council Member Joseph P. Addabbo, Jr. said this week that legislation he strongly supported in the Council, to give more senior citizens the opportunity to qualify for the 50 percent real estate property tax exemption, was passed by the New York City Council on December 18.
Addabbo said 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 for the exemption a senior must be age 65 or older and be the titled owner and occupant of the property for which the tax abatement is sought. Also, the senior must have held title to the property for at least 12 months prior to the application date.
The councilman said that under the new legislation, to qualify for the maximum tax exemption of 50 percent on the assessed valuation of the real property serving as their legal residence, an applicant must have an annual household income of $21,500 or less. Households with incomes over $21,500 and under $29, 900 may qualify for property tax exemptions of between 5 and 45 percent.
"Once signed by the mayor, the Act will take effect immediately and apply to property assessments prepared based on tax status dates on or after January 1, 2003," said Addabbo.
In a separate piece of legislation, Addabbo sponsored a Resolution calling on the Governor and State Legislature to further increase the maximum exemption allowable, as well as the income limits, under the Senior Citizen Homeowner real property tax exemption to mitigate the effects of the recent property tax increase on seniors with lower-to-moderate incomes.
The Resolution asks for an increase in the maximum allowable exemption from 50 percent to 75 percent of the assessed valuation of the home and an increase of approximately 30 percent in the income limits for the full as well as partial exemptions – allowing seniors with an annual income of up to approximately $39,000 to qualify for some level of exemption, all of which would be greater than current levels.
"Property taxes sometimes hit seniors the hardest," stated Addabbo.
"Those who live on a low fixed income should be afforded some relief when possible."
For further information about the Senior Citizen Homeowner Exemption contact Councilman Addabbo’s office at 738-1111.