Increasing the maximum qualifying income for the senior citizen homeowner’s exemption and the disabled homeowner’s exemption.

A Local Law to amend the administrative code of the city of New York, in relation to increasing the maximum qualifying income for the senior citizen homeowner’s exemption and the disabled homeowner’s exemption

New York City provides a real property tax exemption to low-income senior citizen homeowners called the Senior Citizen Homeowner Exemption (SCHE) and to low-income disabled homeowners called the Disabled Homeowner Exemption (DHE). The exemptions function by exempting a percentage of the assessed value (between five and 50 percent) of qualifying real property from taxation on a sliding scale based on income. Currently, in order to be eligible for either exemption, the combined income of the property owners must be less than $37,400. On July 25, 2017, the State enacted legislation authorizing the City to increase the eligible income threshold for both SCHE and DHE to $58,400.