The Albany County Legislature will consider a measure to increase tax exemption income eligibility for seniors.
Legislature Chair Andrew Joyce, a Democrat, says the proposed amendment will provide needed relief to more seniors on fixed or limited incomes as they struggle with rising inflation.
“Since 1975, the Albany County Legislature has provided a discount to qualified seniors and their property tax," Joyce said. "Last year, the state finally caught up with our current economic situation, amended the Real Property Tax Law, which allows for the income threshold to be raised dramatically, thereby allowing more seniors to qualify for this property tax exemption. In an effort to provide relief, Carolyn McLaughlin and myself are introducing a bill in the legislature, which will increase the income threshold for seniors from 29,000 to $50,000.”
Joyce adds qualifying seniors with income of less than $58,400 should feel some impact from the legislation.
Fellow-Democrat McLaughlin chairs the Legislature's Elder Care Committee. She says every dollar counts when you’re on a fixed income, and taxes shouldn’t drive people from their homes.
“The New York State Office for the Aging has put out a report - a plan for New York State aging," McLaughlin said. "And nowhere in this plan does it talk about the finances of our seniors, it talks about making sure they've got food, making sure they got transportation, making sure they have some form of housing, but nowhere in the plan does it talk about how do you affect their finances so they can stay in their in their house. I am so glad to see that here in Albany County, we are taking the lead."
McLaughlin quotes the report:
“By 2030, over 50% of the counties in New York state will have over 30% of their people in the county that are 65 years of age or older. Every day 10,000 people in this country turns 65 years old. That is not lost on Albany County, either. We're having that same demographic shift here,” said McLaughlin.
Under the old law’s threshold, if a senior had income of $38,000 a year, they were ineligible for a reduction. With the change, that same property owner could receive the maximum exemption, up to a 50 percent reduction of their home’s assessed value.
Bob Sinacore is president of the Albany chapter of the New York State Senior Action Council.
“We all are affected by the increased inflation that we're experiencing now. And the big three components are food, medicine, and housing. Affordable housing is such a huge issue," said Sinacore. "And I'm so grateful that the county legislature is making this impact on the cost of the taxes for our older residents who want to remain in their own homes. This is a wonderful way of assuring their retirement years and providing stability in our community. “
Joyce says the legislation is expected to be referred to the legislature's Audit and Finance and Elder Care Committees before the month is out.
