Release #470-00

 

Contact:

Sunny Mindel / Michael Anton (212) 788-2958

MAYOR GIULIANI SIGNS RAISING QUALIFYING INCOME LEVELS FOR
PEOPLE IN THE DISABLED INCOME EXEMPTION PROGRAM BY $2,000

Remarks by Mayor Rudolph W. Giuliani at Public Hearing on Local Laws

The last bill before me today is Introductory Number 834, sponsored by Speaker Vallone. This bill would raise the qualifying income levels for people in the Disabled Income Exemption Program by $2,000.

The Disabled Income Exemption Program grants disabled people, whose incomes are limited because of their disabilities, partial exemptions from the real property tax. These tax benefits help lower income disabled people keep and maintain their homes. The amount of the exemption ranges between 5% and 50%, depending on the disabled person's income. This bill would increase the qualifying income level needed for the program's maximum 50% exemption from $18,500 to $20,500. The qualifying income level for the minimum 5% exemption would rise from $26,900 to $28, 900.

By increasing these eligibility levels, the City will provide this important tax benefit to a greater number of income-limited disabled individuals, helping them to remain as homeowners.

For the reasons previously stated, I will now sign the bill.

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