Assemblyman James Skoufis (D-Woodbury) announced that legislation he authored to close a loophole and ensure eligible residents receive the Senior Citizen Property Tax Exemption that they are entitled to was recently signed into law by the Governor (Ch. 279 of 2017). The new law specifically excludes annuity rollover transfers from being considered taxable income when determining eligibility for the property tax relief.
In 2014, a Woodbury resident was denied the local Senior Citizen Property Tax Exemption because she moved (rolled-over) existing annuity money from one account to another. Under the previously existing law, this was considered new, taxable income and brought the constituent’s income above the eligibility threshold for the tax relief program. She subsequently reached out to Assemblyman Skoufis to bring this issue to his attention. Skoufis proceeded to introduce a legislative fix.
“Seniors here in the Hudson Valley and across New York State often need property tax exemptions to remain in their homes and they don’t deserve to lose their exemptions due to a loophole in the law,” Skoufis said. “The new law, now in effect, corrects this error and makes sure that elderly homeowners are not penalized on their tax bills because of a simple annuity rollover.”
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