Contact: Colleen Roche (212) 788-2958
Jennifer Chait (212) 788-8479
The Senior Citizen Homeowners Exemption Program provides for a partial exemption from New York City real property tax for eligible seniors. To qualify for SCHE, an applicant must be at least 65 years of age and be the owner-occupant of the property, which must be used exclusively for residential purposes. Currently, applicants must also have incomes of less than $26,900 and have held title to the property for at least twelve months.
The level of exemption received is determined according to a graduated income eligibility schedule. This legislation adjusts the graduated income eligibility schedule under this program. The maximum annual income level for those eligible to receive the maximum 50% exemption would increase from $18,500 to $19,500, while the maximum income of those eligible to receive the minimum 5% exemption would increase from $26,900 to $27,900. The adjustments embodied in this bill were authorized by New York State enabling legislation signed into law by Governor Pataki on July 14, 1998.
The need for affordable housing is one of the most important issues facing older New Yorkers today. Since most elderly men and women are living on fixed incomes, and many are becoming increasingly frail as they grow older, finding or maintaining appropriate housing is critical. My Administration has been, and continues to be, committed to relieving the tax burden of all New Yorkers, especially our senior citizens. This legislation will allow many seniors on fixed incomes to be eligible for this benefit, and more importantly, will allow them to continue to live in their own homes.
For the reasons previously stated, I will now sign the bill.