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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