Klein Celebrates the Anticipated Expansion of Property Tax Savings for Homeowners
Joined by New York City Mayor Bill de Blasio, Assembly Members Mark Gjonaj and Michael Benedetto and Bronx seniors at a recent event, Senator Jeff Klein hailed the anticipated expansion of the Senior Citizen Homeowners’ Exemption (SCHE) and the Disabled Homeowners’ Exemption (DHE) that is on the way. SCHE and DHE are two indispensable programs that offer some of New York’s most vulnerable residents who live on fixed incomes with a 50% reduction on their property taxes.
Despite the steady rise in the cost of living in New York City, the income threshold for these programs have remained at a stagnant $29,000 since 2006. That will all change thanks to the efforts of Senator Klein who ensured the new bill that raises the eligible income level to $50,000 for the exemption and up to $58,400 for a partial, sliding scale exemption. The proposal passed the State Senate recently and is widely expected to gain the approval in the State Assembly soon and be signed into law by Governor Andrew Cuomo. By dramatically raising the income levels, even more individuals will be able to better save for the future and spend their money on things that matter most like putting food on the table. An analysis found that the average homeowner could save up to $1,750 each year, however, some will see even higher savings. Those that live in Soundview and Morris Park will save $2,339 and $2,637 every year, respectively.
Homeowners in Throggs Neck will save $1,029 annually, those in Melrose will see $1,589 in savings each year, residents of University Heights will save $1,523 per year and Riverdale homeowners will see $1,017 in annual savings. The proposal has gained widespread acclaim from some of the state’s leading advocacy groups for housing for the elderly, including the New York State Alliance for Retired Americans, United Neighborhood Houses and JASA.
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