BILL NUMBER: S9256
SPONSOR: SCARCELLA-SPANTON
 
TITLE OF BILL:
An act to amend the administrative code of the city of New York, in
relation to the senior citizen homeowners' exemption
 
PURPOSE OR GENERAL IDEA OF BILL:
Increase the income eligibility for the senior citizen homeowner's
exemption from $58,400 to $100,001.
 
SUMMARY OF PROVISIONS:
Section 1. Amends the New York City Administrative Code, subdivision 7
of section 11-245.3, by increasing the maximum annual income threshold
to be eligible for the senior citizens' homeowners' exemption.
 
JUSTIFICATION:
In 2023, social security recipients received an 8.7% cost-of-living
adjustment (COLA) pushing them well over the income eligibility to be
considered for the senior citizens homeowner's exemption. There has not
been a revision of the law since July 2017 and it's time we do so. Our
seniors now more than ever rely on legislators to make decisions with
their best interest in mind. This bill has one of the most vulnerable
groups at the core of it and will modify the income threshold to
$100,001.
 
LEGISLATIVE HISTORY:
New bill.
 
EFFECTIVE DATE:
This act shall take effect immediately.

Statutes affected:
S9256: 11-245.3 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