New York Gov. Kathy Hochul has signed a bill into law that allows localities to provide seniors with up to a 65% property tax exemption.
Legislation S5175A/A3698A replaces the previous 50% maximum percentage of exemption local governments have been able to offer income-eligible seniors. The governor’s office said the increased exemption could result in up to $300 annual savings for the average senior.
“No New York senior should lose their home because they can no longer afford their property taxes,” said Hochul in a statement. “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.”
