Daily News | City Council is backing a new relief package to soften the impact of rising property assessments
The “Save Our Homes” plan unveiled Thursday by Councilmember Kenyatta Johnson would increase the homestead exemption to $90,000, its maximum level under state law; expand the Senior Citizen Real Estate Tax Freeze program; add $12 million in funding for the rental assistance program; and make other investments to ensure property owners are aware of and can appeal their new assessments.
Kenney proposed increasing the homestead exemption from the current $45,000 to $65,000; boosting funding for the Longtime Owner Occupant Program from $25 million to $30 million; and allocating an additional $40 million to a variety of programs that help people stay in their homes, including rental assistance and the senior tax freeze program.
With tax revenue rebounding after declines caused by the pandemic, the stability of the current $5.4 billion budget continues to improve throughout the year. The city’s latest financial report projects a year-end fund balance of $389.9 million, which is $155 million higher than the previous projection.
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