Here’s how some New York residents can get tax relief

“No New York senior should lose their home because they can no longer afford their property taxes,” Hochul said.

“By signing this legislation, we are working to make New York more affordable for our seniors on fixed incomes and empowering them to age in place, at home, in the communities they know and love.”

New framework hinges on local opt-in

The law gives municipalities discretion rather than imposing a statewide mandate.

“The bill will give localities the option to offer real property tax exemptions of up to 65 percent to seniors living below the maximum income eligibility level set by the locality,” the governor’s office said.

Prior to the change, the cap sat at 50% “and has not been raised in decades,” the governor’s office said. Officials estimate that increasing the exemption “could translate into savings of up to $300 annually for the average senior.”