Bill > S07209

This bill increases the maximum qualifying income for two property tax exemptions in New York City: the senior citizen homeowner's exemption and the disabled homeowner's exemption. Specifically, the bill raises the income threshold from $50,000 to $70,000, effective July 1, 2025. The exemption allows qualifying homeowners to reduce their property's assessed value, thereby lowering their property tax burden. The bill modifies the existing income calculation rules, which include income sources like social security, retirement benefits, interest, dividends, and salary, while excluding certain types of income such as gifts, inheritances, and veterans' disability compensation. The exemption percentage decreases on a sliding scale as income increases, ranging from 45% to 5% of the property's assessed value. These changes will help senior citizens and disabled homeowners with lower to moderate incomes manage their property tax expenses by providing a more generous income threshold for tax relief.

Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S7209