The New York City Council - File #: Int 0934-2026

File #:

Int 0934-2026 Version: *

Name:

The creation of additional annual income categories and corresponding exemption percentages for certain households eligible for the senior citizens homeowners’ exemption.

Type:

Introduction

Status:

Committee

Committee:

Committee on Finance

On agenda:

6/11/2026

Enactment date:

Law number:

Title:

A Local Law to amend the administrative code of the city of New York, in relation to the creation of additional annual income categories and corresponding exemption percentages for certain households eligible for the senior citizens homeowners' exemption

Sponsors:

Simcha Felder, Phil Wong , Farah N. Louis

Council Member Sponsors:

Summary:

Currently, senior citizens with annual incomes of $50,000 or less may qualify for an exemption from real property taxes to the extent of 50% of the assessed value of their homes. Acting upon authority granted to the City under a recent amendment of State law, this bill would expand tax relief to such senior citizen homeowners in the following income brackets: for homeowners with incomes equaling $48,000 or more but less than $49,000, 55 percent of the assessed home value would be exempt; for homeowners with incomes equaling $47,000 or more but less than $48,000, 60 percent of the assessed home value would be exempt; and for homeowners with incomes less than $47,000, 65 percent of the assessed home value would be exempt.

Attachments:

1. Summary of Int. No. 934, 2. Int. No. 934, 3. June 11, 2026 - Stated Meeting Agenda

Date	Ver.	Prime Sponsor	Action By	Action	Result	Action Details	Meeting Details	Multimedia
6/11/2026	*	Simcha Felder	City Council			Not available	Meeting details	Not available
6/11/2026	*	Simcha Felder	City Council	Introduced by Council		Action details	Meeting details	Not available

Int. No. 934

By Council Members Felder, Wong and Louis

Be it enacted by the Council as follows:

Section 1. Subdivision 7 of section 11-245.3 of the administrative code of the city of New York, as amended by local law number 140 for the year 2017, is amended to read as follows:

7. Notwithstanding the maximum income exemption eligibility level provided in subdivision three of this section, an exemption, subject to all other provisions of this section, shall be granted as indicated in the following schedule:

Percentage Assessed Valuation

Annual Income as of July 1, 2006 Exempt From Taxation More than $26,000 but less than $27,000 45 per centum

$27,000 or more but less than $28,000 40 per centum

$28,000 or more but less than $29,000 35 per centum

$29,000 or more but less than $29,900 30 per centum

$29,900 or more but less than $30,800 25 per centum

$30,800 or more but less than $31,700 20 per centum

$31,700 or more but less than $32,600 15 per centum

$32,600 or more but less than $33,500 10 per centum

$33,500 or more but less than $34,400 5 per centum

Percentage Assessed Valuation

Annual Income as of July 1, 2007 Exempt From Taxation

More than $27,000 but less than $28,000 45 per centum

$28,000 or more but less than $29,000 40 per centum

$29,000 or more but less than $30,000 35 per centum

$30,000 or more but less than $30,900 30 per centum

$30,900 or more but less than $31,800 25 per centum

$31,800 or more but less than $32,700 20 per centum

$32,700 or more but less than $33,600 15 per centum

$33,600 or more but less than $34,500 10 per centum

$34,500 or more but less than $35,400 5 per centum

Percentage Assessed Valuation

Annual Income as of July 1, 2008 Exempt From Taxation

More than $28,000 but less than $29,000 45 per centum

$29,000 or more but less than $30,000 40 per centum

$30,000 or more but less than $31,000 35 per centum

$31,000 or more but less than $31,900 30 per centum

$31,900 or more but less than $32,800 25 per centum

$32,800 or more but less than $33,700 20 per centum

$33,700 or more but less than $34,600 15 per centum

$34,600 or more but less than $35,500 10 per centum

$35,500 or more but less than $36,400 5 per centum

Percentage Assessed Valuation

Annual Income as of July 1, 2009 Exempt From Taxation

More than $29,000 but less than $30,000 45 per centum

$30,000 or more but less than $31,000 40 per centum

$31,000 or more but less than $32,000 35 per centum

$32,000 or more but less than $32,900 30 per centum

$32,900 or more but less than $33,800 25 per centum

$33,800 or more but less than $34,700 20 per centum

$34,700 or more but less than $35,600 15 per centum

$35,600 or more but less than $36,500 10 per centum

$36,500 or more but less than $37,400 5 per centum

Percentage Assessed Valuation

Annual Income as of July 1, 2017 Exempt From Taxation

More than $50,000 but less than $51,000 45 per centum

$51,000 or more but less than $52,000 40 per centum

$52,000 or more but less than $53,000 35 per centum

$53,000 or more but less than $53,900 30 per centum

$53,900 or more but less than $54,800 25 per centum

$54,800 or more but less than $55,700 20 per centum

$55,700 or more but less than $56,600 15 per centum

$56,600 or more but less than $57,500 10 per centum

$57,500 or more but less than $58,400 5 per centum

Percentage Assessed Valuation

Annual Income as of July 1, 2026 Exempt From Taxation

Less than $47,000 65 per centum

$47,000 or more but less than $48,000 60 per centum

$48,000 or more but less than $49,000 55 per centum

$49,000 or more but less than $50,000 50 per centum

$50,000 or more but less than $51,000 45 per centum

$51,000 or more but less than $52,000 40 per centum

$52,000 or more but less than $53,000 35 per centum

$53,000 or more but less than $53,900 30 per centum

$53,900 or more but less than $54,800 25 per centum

$54,800 or more but less than $55,700 20 per centum

$55,700 or more but less than $56,600 15 per centum

$56,600 or more but less than $57,500 10 per centum

$57,500 or more but less than $58,400 5 per centum

§ 2. This local law takes effect July 1, 2026.

LS #20940/ 20949/ 21606

4/2/26

Legislation Text

Legislation Details

Legislation Details (With Text)