Picente Raises 50% Property Tax Exemption Income Limit by $11,000
An $11,000 increase to Oneida County’s 50% property tax exemption income limit for seniors and individuals with disabilities proposed by County Executive Anthony J. Picente Jr. was approved by the Board of Legislators this week.
“Our most vulnerable populations are suffering,” Picente said. “With the cost of everything continuing to rise, seniors and individuals with disabilities with limited income are struggling on a daily basis. This provides relief to more residents by increasing the income limit to qualify for the county’s 50% property tax exemption.”
Based on the historical rate of inflation, and comparative median income data, the maximum income level to qualify for the 50% exemption of assessed property value has now been raised from $18,500 to $29,500 for those 65 years-old and up, and individuals with disabilities. To receive the adjusted tax exemption, a property must be owned by one or more people meeting the qualifying standards and be used exclusively for residential purposes.
It will provide eligible applicants an opportunity to apply for the enhanced property tax exemption before the taxable status date within their respective municipality in 2023 and would be applied to the county tax in 2024.
As the exemption works on a sliding scale allowing for a partial exemption less than 50% for incomes under $37,900, Oneida County advises that low-income homeowners 65 years-old and up, and low-income homeowners with disabilities, may want to check with their local assessor prior to taxable status date as they need to apply locally for such exemptions.
Picente’s proposal was unanimously approved by the Board of Legislators on Jan. 11, 2023.