Imminent Property Tax Savings for Senior and Disabled Homeowners

Imminent Property Tax Savings for Senior and Disabled Homeowners

Senator Jeff Klein shepherded major property tax cuts through both the State Senate and Assembly as this year’s legislative session came to an end. The bill expands the Senior Citizen Homeowners’ Exemption (SCHE) and the Disabled Homeowners’ Exemption (DHE), 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.

By dramatically raising the income levels, even more individuals will be able to 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.

Governor Andrew Cuomo signed this important piece of legislation on July 25 and savings are coming to your neighborhood!