File #: Int 0624-2003    Version: * Name: Real property tax exemption for certain persons with disabilities.
Type: Introduction Status: Enacted
Committee: Committee on Mental Health, Developmental Disability, Alcoholism, Substance Abuse and Disability Services
On agenda: 12/3/2003
Enactment date: 12/22/2003 Law number: 2003/084
Title: A Local Law to amend the administrative code of the city of New York, in relation to the real property tax exemption for certain persons with disabilities.
Sponsors: Margarita Lopez, David I. Weprin, Joseph P. Addabbo, Jr., Tony Avella, Maria Baez, Charles Barron, Gale A. Brewer, Leroy G. Comrie, Jr., Lewis A. Fidler, James F. Gennaro, Robert Jackson, G. Oliver Koppell, John C. Liu, Michael E. McMahon, Hiram Monserrate, Domenic M. Recchia, Jr., Philip Reed, Joel Rivera, Alan J. Gerson
Council Member Sponsors: 19
Attachments: 1. Committee Report, 2. Stated Meeting - Hearing Transcript 12/15, 3. Local Law, 4. Fiscal Impact Statement

Int. No. 624

 

 By Council Members López, Weprin, Addabbo, Avella, Baez, Barron, Brewer, Comrie, Fidler, Gennaro, Jackson, Koppell, Liu, McMahon, Monserrate, Recchia, Reed, Rivera and Gerson

                      

A Local Law to amend the administrative code of the city of New York, in relation to the real property tax exemption for certain persons with disabilities.

 

Be it enacted by the Council as follows:

 Section 1.  Paragraph a of subdivision 3 of section 11-245.4, Exemption for persons with disabilities, of the administrative code of the city of New York, is amended to read as follows:

(a) if the income of the owner or the combined income of the owners of the property for the income tax year immediately preceding the date of making application for exemption exceeds the sum of [twenty-one] twenty-four thousand [five hundred] dollars. Income tax year shall mean the twelve month period for which the owner or owners filed a federal personal income tax return, or if no such return is filed, the calendar year. Where title is vested in either the husband or the wife, their combined income may not exceed such sum, except where the husband or wife, or ex-husband or ex-wife is absent from the property due to divorce, legal separation or abandonment, then only the income of the spouse or ex-spouse residing on the property shall be considered and may not exceed such sum. Such income shall include social security and retirement benefits, interest, dividends, total gain from the sale or exchange of a capital asset which may be offset by a loss from the sale or exchange of a capital asset in the same income tax year, net rental income, salary or earnings, and net income from self-employment, but shall not include a return of capital, gifts, inheritances or monies earned through employment in the federal foster grandparent program and any such income shall be offset by all medical and prescription drug expenses actually paid which were not reimbursed or paid for by insurance. In computing net rental income and net income from self-employment no depreciation deduction shall be allowed for the exhaustion, wear and tear of real or personal property held for the production of income;

§2. Subdivision 6 of section 11-245.4 of the administrative code of the city of New York is amended to read as follows:

6. 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:

 

ANNUAL INCOME

PERCENTAGE ASSESSED VALUATION EXEMPT FROM TAXATION

More than [$21,500] $24,000 but less than [$22,500] $25,000

45 per centum

[$22,500] $25,000 or more but less than [$23,500] $26,000

40 per centum

[$23,500] $26,000 or more but less than [$24,500] $27,000

35 per centum

[$24,500] $27,000 or more but less than [$25,400] $27,900 

30 per centum

[$25,400] $27,900 or more but less than [$26,300] $28,800 

25 per centum

[$26,300] $28,800 or more but less than [$27,200] $29,700

20 per centum

[$27,200] $29,700 or more but less than [$28,100] $30,600

15 per centum

[$28,100] $30,600 or more but less than [$29,000] $31,500 

10 per centum

[$29,000] $31,500 or more but less than [$29,900] $32,400 

5 per centum

                                                                                    

 

§3.  This local law shall take effect immediately and shall apply to assessment rolls prepared on the basis of a taxable status dates occurring on or after January 1, 2004.

 

LS# 3268

LCG

11/24/2003