Seniors And Disabled Will Get Real Property Tax Relief
Governor George E. Pataki has signed into law two bills that will allow even more seniors and property owners with disabilities to qualify for significant real property tax benefits. The first bill signed by the Governor provides local governments with the option of increasing the maximum income eligibility limit for the 50 percent senior citizens real property tax exemption from $21,500 to $24,000.
The second bill allows localities to increase the maximum income eligibility limit – also from $21,500 to $24,000 – for persons with disabilities to qualify for a 5-percent real property tax exemption.
"These amendments will allow even more senior citizens and New Yorkers with disabilities to qualify for substantial tax relief," Pataki said. "By authorizing an increase in the exemptions’ income eligibility limit, we will help thousands of seniors and disabled homeowners save money and remain in their homes."
New York State’s Real Property Tax Law gives local governments and public school districts the option of granting a reduction on the amount of property taxes that are paid by qualifying senior citizens and disabled homeowners. This is accomplished by reducing the assessed value of their residential property by 50 percent.
For the 50 percent exemption, the two bills signed by the Governor will now allow each county, city, town, village or school district to set the maximum income limit at any figure between $3,000 and $24,000.
In 2001, more than 223,000 senior citizens and 4,700 low-income disabled homeowners took advantage of the property tax savings offered through these exemptions.
Both laws signed by the Governor took effect immediately.