Assemblyman Karl Brabenec (R,C,I-Deerpark) announced today he is co-sponsoring bi-partisan legislation that would allow seniors to claim a graduated property tax exemption credit as they age. The legislation (A.2262a) has been introduced by Assemblyman Brian Barnwell (D-Queens) and is part of a comprehensive plan to curb the rising cost of property and school taxes that are forcing many to uproot and flee the state.

“Property and school taxes in the Hudson Valley are out of control, and this legislation is another tool the Legislature has in its arsenal to help our seniors live out their golden years comfortably and financially secure in their homes,” Brabenec said. “I applaud Assemblyman Barnwell for taking the lead on this legislation and joining the call to help our struggling seniors. It’s regrettable that the older an individual gets, the more of a burden their taxes become – even after paying into the system for decades.

This bill builds upon Brabenec’s School Property Tax Reduction Act,– the strongest and most effective tax plan in the state, which has the potential to cut the average homeowner’s property and school taxes by as much as 70 percent.

“Everyone deserves to stay in the community in which they grew up, close to friends and family, but until Albany addresses outlandish unfunded mandates and reckless spending, our taxes will continue to climb. I will continue beating the drum for school and property tax relief and am fighting to make the 2 percent property tax cap permanent in the final days of budget negotiations this week,” Brabenec finished.

Summary of Property Tax Exemptions for Seniors:

A senior citizen eligible for exemption provided for by section 425 of the real property tax law, will receive a subsequent exemption based on the following formula:

• Seniors aged 65-69 shall be granted a subsequent $500 exemption
• Seniors aged 70-74 shall be granted a subsequent $1000 exemption
• Seniors aged 75-79 shall be granted a subsequent $1500 exemption
• Seniors aged 80-84 shall be granted a subsequent $2000 exemption
• Seniors aged 85-89 shall be granted a subsequent $2500 exemption
• Seniors aged 90 and older shall be granted a subsequent $3000 exemption

Amendment: The second exemption that is proposed in this legislation will only be granted to those owners of the parcel in question who have a combined income of not more than one hundred fifty thousand dollars.