Albany County Legislature Chairman Andrew Joyce and Elder Care Committee Chairwoman Carolyn McLaughlin are co-sponsoring a local law that will keep more money in the pockets of Albany County seniors. The new initiative would amend income requirements for a property tax exemption for residents 65 and over, allowing more seniors to be eligible.

Joined by local senior advocacy groups and fellow Legislators, Joyce and McLaughlin announced that the legislation will be introduced in April and will increase the income threshold pursuant to state law to provide relief for seniors who may be struggling in the current economy.

“A dollar does not go as far as it used to, and our seniors on fixed incomes are certainly feeling the effects of the rising rates of inflation every day," said Chairman Joyce. “By providing some relief on their property tax bill, that means more for food, gas, medications and everything else our seniors need to thrive. In the Albany County Legislature, we're committed to the care for our seniors, helping them maintain their independence and make this community a place where we can age with dignity. We thank Albany County Legislator and Elder Care Committee Chairwoman Carolyn McLaughlin for her leadership on this important issue.”

“Seniors have enough to worry about when it comes to ensuring that their finances are in place so they can maintain their housing, afford food, and keep up their quality of life. This local law helps alleviate some of the financial burden by increasing the income threshold for tax relief, helping more seniors qualify for this tax exemption. Seniors who have a higher income now due to work done in their younger years, shouldn’t be penalized by missing out on savings now. When you’re on a fixed income like many in our County are, every dollar counts,” said Legislator McLaughlin.

The proposed bill raises the income threshold from $29,000 to $50,000, an allowance that is made possible after the State amended the Real Property Tax Law in 2022. Qualifying seniors receiving income of less than $58,400 should feel some impact from this legislation.

By increasing the annual income amounts, the number of seniors who will pay less on their property taxes should also increase. Under the old law’s threshold, if a senior had income of $38,000 a year, they were ineligible for the reduction. With the change, that same senior could receive the maximum exemption, up to a 50 percent reduction of their assessed value.