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Thursday, April 18, 2024

Schenectady City Council Plans to Raise Income Cap for Senior Property Tax Discounts

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SCHENECTADY — The Schenectady City ⁢Council is making strides to improve tax exemptions for seniors and disabled individuals by raising the income limit by a proposed $3,000 annually.

The current income limit for the Senior Citizen Real Property Tax Exemption program and the ​Persons with Disabilities Real⁤ Property Tax Exemption program stands at $37,399 per year, which has not been​ adjusted since 2009. The council‌ is ⁣considering an increase to either⁢ $40,400 or ‌$45,000 per year.

This possible change comes after a state legislation⁤ passed in 2022 that allows municipalities to raise the​ income ​limit from $37,399 to $50,000.

During a recent Finance Committee meeting,​ city‌ Assessor Molly MacElroy recommended an ⁢increase to $40,400, citing concerns about making​ a significant jump⁣ to $45,000.

According ​to MacElroy, the increase would be a wise decision as it has not‌ been adjusted since 2009. However, she ‌urged caution in making a substantial change that could create budgetary issues in the future.

In light of the impending increase ‍in Social Security ‌benefits in January, the council wants ⁤to ensure that residents who currently qualify for the⁣ tax exemptions are not⁤ excluded if their income surpasses the current limit ‌of $37,399.

After polling the council, Councilman ‍Carl Williams proposed a $3,001 increase to ⁤the income limit, which was unanimously agreed upon during the meeting.

Mayor Gary McCarthy expressed his‌ support⁤ for the ⁣proposed increase of $40,400 and the council will⁢ hold a public hearing to gather feedback before implementing ⁢the change.

Councilman John Polimeni echoed​ the sentiment ⁤that the proposed increase is fair and aligned with the Social Security raises that residents can expect in January.

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Kiara Thomas
Kiara Thomas
I uncover quirky and compelling stories. Always on the lookout for the 'why' behind the 'what'.
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