Proposed Res. No. 610-A
Resolution calling on the New York State Legislature to pass, and the Governor to sign, legislation authorizing the City of New York to provide a full exemption from real property taxation to homeowners eligible for the Senior Citizen Homeowners’ Exemption (SCHE) and whose household’s only source of income is Social Security
By Council Members Zhuang, Wong, Hudson, Brooks-Powers, Hankerson, Louis and Morano
Whereas, Pursuant to section 467 of the New York State (“State”) Real Property Tax Law, New York City (“NYC” or “City”) provides the Senior Citizen Homeowners’ Exemption (“SCHE”), which is administered by the Department of Finance and reduces the taxable assessed value of a qualifying homeowner’s primary residence by 5 to 50 percent, depending on household income, for households with a combined annual income of no more than $58,399; and
Whereas, Older adult homeowners receiving the maximum SCHE benefit in NYC remain responsible for paying 50 percent of their real property taxes, yet many rely solely on Social Security, a fixed-income source that does not keep pace with rising property tax obligations, despite having accumulated substantial equity in their homes; and
Whereas, According to The Senior Citizens League, a nonpartisan nonprofit organization that advocates for seniors, a survey of 3,000 American seniors found that 27 percent of seniors relied entirely on Social Security for their income; and
Whereas, While a study published by researchers at the U.S. Census Bureau and Social Security Administration in June 2024 reported a lower figure based on administrative data, saying that 12 percent of persons aged 65 and older rely on Social Security for at least 90 percent of their family income, the number is still not insignificant; and
Whereas, In a 2025 report, “Older Adults in New York City Demographic and Service Trends,” New York State Comptroller Tom DiNapoli warned that funding and relief for the City’s aging population must keep pace with its ever-growing older adult population or the City’s older adult population is at risk of being priced out of their homes due to a lack of supportive services; and
Whereas, The same report highlighted that, from 2000 to 2023, NYC’s older adult population aged 65 years and older grew by 53 percent, 17 times faster than the City’s overall population, and remains the only demographic to sustain such growth since the COVID-19 pandemic; and
Whereas, In its 2025 policy brief, “The Emerging Financial Security Crisis Facing NYC’s Older Adults,” the Center for an Urban Future, in collaboration with AARP, found that 18.4 percent of NYC’s older adults were living in poverty in 2023, and roughly 250,000 New Yorkers over the age of 65 were living below the poverty line with nearly 6 in 10 living with no retirement income at all; and
Whereas, The same study found that older adult poverty disproportionately affects certain populations in NYC, with poverty rates of 27.2 percent among Hispanic older adults, 24.7 percent among Asian older adults, and 18.2 percent among Black older adults, compared to 12.9 percent among White older adults; and
Whereas, By comparison, the State’s Enhanced STAR program provides school property tax relief to eligible older adult homeowners with annual household incomes of up to $107,300 for the 2025-2026 school year, nearly twice the maximum income threshold under SCHE, demonstrating that State law already recognizes that older adult homeowners with substantially higher household incomes may nevertheless require meaningful property tax relief; and
Whereas, State law already authorizes full exemptions from real property taxation for certain property owners, including a recently enacted law permitting local governments to provide a 100 percent exemption from real property taxation for the primary residences of qualifying seriously disabled veterans, codified in section 458-a(11) of the Real Property Tax Law, demonstrating that State law recognizes that a full exemption may be appropriate where warranted by public policy; and
Whereas, Authorizing a full exemption for eligible homeowners whose household’s only source of income is Social Security would reduce housing cost burdens, help prevent displacement, preserve family and community ties, and reduce pressure on City resources needed to address the growing demand for older adult housing and supportive services; now, therefore, be it
Resolved, That the Council of the City of New York calls on the New York State Legislature to pass, and the Governor to sign, legislation authorizing the City of New York to provide a full exemption from real property taxation to homeowners eligible for the Senior Citizen Homeowners’ Exemption (SCHE) and whose household’s only source of income is Social Security.
BS/JN
9/10/26
LS# 23034