Bill > A1885

This bill amends existing law to increase the annual income limitation for senior and disabled citizens to qualify for a $250 property tax deduction, and it establishes a mechanism for future adjustments to this income limit based on changes in the Consumer Price Index (CPI). Specifically, the bill raises the income limit to $20,000 for the year 2014 and for each year thereafter, it will be the previous year's limit adjusted by the percentage change in the CPI, rounded to the nearest $100. The CPI is defined as the Consumer Price Index for All Urban Consumers for the New York-Northern New Jersey-Long Island Metropolitan Area, as published by the U.S. Department of Labor's Bureau of Labor Statistics. This means that as the cost of living increases, as measured by the CPI, the income threshold for this property tax deduction will also rise, helping more seniors and disabled individuals maintain their eligibility for the deduction. The bill also states that it will only take effect once voters approve a constitutional amendment that allows for this increase in the income limitation.