New York City Comptroller William C. Thompson, Jr. proposes a new property tax rebate for senior citizen homeowners at a news conference on Wednesday, February 15, 2006 in Manhattan. Pictured with the Comptroller is Marcia Van Wagner, Deputy Comptroller for Budget.

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Letter to Mayor

Comptroller William C. Thompson, Jr. today unveiled a new proposal, City Aid for Senior Homeowners (CASH ), calling for the expansion of New York City’s property tax rebate program to provide greater relief to low- and middle-income senior homeowners.

In a letter sent today to Mayor Michael Bloomberg, City Council Speaker Christine Quinn, and Finance Chair David Weprin, Thompson asked that the City broaden its current property tax rebate program.

“The rapidly escalating cost of home ownership, including higher assessed values, higher property tax rates and increasing energy and insurance expenses has placed significant burdens on New York City seniors living on fixed incomes,” Thompson wrote. “Many senior homeowners are forced to make extraordinarily difficult choices about prioritizing their daily living expenses; some seniors may even face the risk of losing their homes.”

Thompson’s CASH proposal would provide up to an additional $600 to approximately 81,000 qualifying senior households. Under the City’s current property tax rebate program, homeowners already receive rebates of up to $400 from the City.

With the State legislation authorizing the current City rebates up for renewal, Thompson is seeking to expand the program to provide additional benefits to seniors enrolled in the New York State Enhanced School Tax Relief (STAR) beginning in Fiscal Year 2007. Qualifying seniors would receive a rebate of up to $600 depending on tax liability, in addition to the current $400 rebate, for a combined benefit of up to $1,000. Currently, approximately 81,000 seniors are enrolled in Enhanced STAR.

Eligible owners must be 65 or older and have a combined annual income of $66,050 or less. Based on these criteria, Thompson’s extended tax relief benefit would be available to low- to middle-income senior citizen owners of one-, two-, and three-family houses and condominium and cooperative apartments that are used as the owners’ primary residence.

Under the program, qualifying seniors would receive their larger rebate checks starting in the Fall of 2007.

Thompson, who is reaching out to State legislative leaders to seek adoption of his proposal, estimated that the additional $600 rebates would cost the City $50 million. He added that the CASH program may have the further benefit of encouraging more seniors to sign up for Enhanced STAR.

For more information on the Enhanced STAR program, visit the New York City Department of Finance website at www.nyc.gov/STAR or call 311.