There is a brand new way for New Yorkers to save money, and state officials say it could be one of the most meaningful financial breaks residents have seen in years.
New York State is one of the highest-taxed states in the country. While our taxes do get us some of the best education scores in the nation, highly rated healthcare and the most beautiful state parks, the added expenses can weigh heavily on homeowners. Many residents already feel stretched thin, but it hits seniors the hardest. People living on fixed incomes often struggle to keep up with yearly spikes in their property tax bills, and for some, staying in their homes becomes more difficult every year. That is the group New York is targeting with this latest benefit.
A Major Expansion of the Senior Property Tax Exemption
Governor Kathy Hochul has signed new legislation that allows local governments to offer a much more generous real property tax exemption for eligible senior homeowners. The law lets towns, cities, and villages increase the long-standing senior exemption to as much as sixty-five percent of a property’s assessed value. Until now, localities were limited to offering fifty percent, a cap that had not changed in decades.
That fifteen-point boost could translate to savings of up to $300 each year for the average senior. However, the discount is not automatic. Each locality must decide whether to opt in and where to set income requirements for eligibility.
Governor Hochul says the goal is to help older homeowners remain in the communities they cherish. “No New York senior should lose their home because they can no longer afford their property taxes,” she said while announcing the new law.
Helping More Than One Point Eight Million Older Homeowners
The New York State Office for the Aging estimates that more than one point eight million older adults own their homes throughout the state. Acting Director Greg Olsen praised the change, calling property taxes one of the toughest expenses for seniors to manage. He says the expanded exemption will help many residents remain in their homes safely and comfortably.
Support for the bill was strong among lawmakers, including State Senator Leroy Comrie, who noted that seniors have been hit hard by inflation and rising housing costs. Assemblymember David Weprin added that the law delivers long-overdue stability for elderly homeowners trying to manage low, fixed incomes.
What Homeowners Need to Know About the New Law
Nothing changes until local governments take action. Hudson Valley towns and cities will now review the new law and decide whether to offer the expanded sixty-five percent exemption. Homeowners should watch for updates from their local assessor’s office about income limits and application deadlines.
If adopted, this could become one of the most significant tax breaks available to seniors in years, offering real relief for those who want to continue living in the homes and communities they love.
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