Troy, NY – Mayor Carmella Mantello announced today legislation which takes advantage of New York States newly amended senior citizens exemption and the exemption for persons with disabilities and limited incomes in New York State.
“We are excited for this opportunity to offer our seniors and persons with disabilities communities an opportunity to keep more money in their pocket”, stated Mayor Mantello. “We understand how challenging these financial times are for residents, especially our seniors and folks with disabilities, and we will help them have as much financial freedom as possible.”
New York State amended Real Property Tax Law for Section 467 and Section 459-c during 2023. The state increased the maximum income limit from $37,400 to $58,400 and simplified the “definition of income”. This is the first income increase and change since 2010.
The local law is scheduled to be introduced next week and acted on by the end of February.
###