BILL NUMBER: S7209
SPONSOR: LANZA
 
TITLE OF BILL:
An act to amend the administrative code of the city of New York, in
relation to increasing the maximum qualifying income for the senior
citizen homeowner's exemption and the disabled homeowner's exemption
 
PURPOSE OR GENERAL IDEA OF BILL:
To increase the maximum qualifying income for the senior citizen home-
owner's exemption (SCHE) and the disabled homeowner's exemption (DHE) to
$70,000.
 
SUMMARY OF SPECIFIC PROVISIONS:
Section 1 amends paragraph (a) of subdivision 3 of section 11-245.3 of
the administrative code of the city of New York, as amended by local law
number 140 for the year 2017.
Section 2 amends subdivision 7 of section 11-245.3 of the administrative
code of the city of New York, as amended by local law number 140 for the
year 2017.
Section 3 amends subdivision 3 of section 11-245.4 of the administrative
code of the city of New York, as amended by local law number 140 for the
year 2017.
Section 4 amends subdivision 6 of section 11-245.4 of the administrative
code of the city of New York, as amended by local law number 41 for the
year 2006, the schedule as amended by local law number 140 for the year
2017.
 
JUSTIFICATION:
With record inflation ravaging New York City residents' standard of
living and quality of life, those hit hardest are senior citizens and
disabled residents who own a home. While all Americans and New Yorkers
are struggling to pay for basic necessities, seniors and the disabled on
fixed incomes are finding it even harder to make ends meet. Because of
inflation, the Federal Government through Social Security, recently gave
Social Security recipients the largest ever Cost of Living Adjustment
(COLA) to relieve their financial pain. In doing so, this increase put
people over the income limits for the City's SCHE and DHE homeowner's
exemption. This COLA increase actually hurt them because in losing the
exemption, they now have to pay more in property taxes. This bill seeks
to remedy this situation by increasing the thresholds for the SCHE and
DHE homeowner's exemption programs in the City of New York.
 
LEGISLATIVE HISTORY:
2024: S.5184 - Referred to Housing
2023: S.5184 - Referred to Housing
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
This act shall take effect immediately and shall apply to exemption
applications made for the fiscal year commencing in 2017 and all fiscal
years thereafter.

Statutes affected:
S7209: 11-245.3 administrative code of the city of New York as amended by local law, 11-245.3(3) administrative code of the city of New York as amended by local law, 11-245.3(7) administrative code of the city of New York as amended by local law