NEW YORK- New York seniors may soon see additional property tax relief after Governor Kathy Hochul signed a new law that gives local governments the option to expand real property tax exemptions for older residents who meet local income requirements.
Under the new law, municipalities can now offer exemptions covering up to 65 percent of a qualifying homeowner’s assessed property value. The previous cap of 50 percent had not been adjusted in decades.
Hochul said the measure is designed to help seniors living on fixed incomes remain in their homes.
“No New York senior should lose their home because they can no longer afford their property taxes,” she said in a statement. “By signing this legislation, we are working to make New York more affordable for our seniors and empowering them to age in place, at home, in the communities they know and love.”
Local officials will still be responsible for setting income eligibility limits, meaning tax relief will vary by community. State officials estimate that increasing the maximum exemption to 65 percent could save the average eligible senior up to $300 a year.
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