New York seniors could soon see more relief on their property tax bills thanks to a new state law that gives local governments the option to increase exemptions for older homeowners.
The legislation, signed into law December 6, allows localities across New York State to offer real property tax exemptions of up to 65% for income-eligible seniors—an increase from the previous 50% cap that hadn’t been updated in decades.
The change could save the average qualifying senior as much as $300 a year, according to state estimates. Local governments can now choose to adopt the new exemption limit based on income criteria they set.
Helping seniors stay in their homes
With over 1.8 million older adults owning homes in New York, state officials say this law could make a major difference for those on fixed incomes struggling with rising costs.
“No New York senior should lose their home because they can no longer afford their property taxes,” said Governor Kathy Hochul. “This law helps them age in place—in the communities they know and love.”
The measure builds on New York’s broader affordability push, which includes tax cuts, child tax credit expansion, inflation refund checks, and free school meals for all K–12 students.
Local option, statewide impact
Under the new law, municipalities have the power to decide whether to adopt the expanded exemption. That flexibility is designed to respect local budget constraints while still providing an avenue for relief.
“This is an important step toward restoring real affordability for older adults across New York,” said State Senator Leroy Comrie, who sponsored the bill. “It helps long-time homeowners remain in their communities with dignity and security.”
Assemblymember David Weprin, who co-sponsored the legislation, added that the law provides “relief from the burden of increasing real property taxes and ensures stability for elderly homeowners.”
The law, officially known as S5175A/A3698A, is now in effect.
Get the latest headlines delivered to your inbox each morning. Sign up for our Morning Edition to start your day. FL1 on the Go! Download the free FingerLakes1.com App for iOS (iPhone, iPad).
FingerLakes1.com is the region’s leading all-digital news publication. The company was founded in 1998 and has been keeping residents informed for more than two decades. Have a lead? Send it to [email protected].