Adjusts income thresholds for senior citizen and disability tax exemptions based on consumer price index.

This bill modifies the real property tax law to adjust the maximum income thresholds for eligibility for the senior citizen rent increase exemption (SCRIE), disability rent increase exemption (DRIE), senior citizen homeowners' exemption (SCHE), and disabled homeowners' exemption (DHE). The adjustments are based on increases in the consumer price index (CPI). The commissioner of the state division of housing and community renewal will determine the new income thresholds to reflect CPI increases.

Adjusts income thresholds for senior citizen and disability tax exemptions based on consumer price index.

This bill modifies the real property tax law to adjust the maximum income thresholds for eligibility for the senior citizen rent increase exemption (SCRIE), disability rent increase exemption (DRIE), senior citizen homeowners' exemption (SCHE), and disabled homeowners' exemption (DHE). The adjustments are based on increases in the consumer price index (CPI). The commissioner of the state division of housing and community renewal will determine the new income thresholds to reflect CPI increases.