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.”
This is a good move on the State Legislature and Governors part. While I’m no fan of nearly all Democrat politicians, except for the dying breed of Blue Dog or Conservative Democrats the NY politicians need to be applauded for this property reduction exemption. I’m not in favor of eliminating all or nearly all property taxes on seniors (65 and older) simply because there are a lot of public services that need to be funded that they enjoy the use of. I’m 67 years old. I’d like a little better property tax rate or reduction than what I currently have here in Indiana. The current threshold for 65 and older exemptions is way way too low for any middle class person or family owning property here in Indiana. It would help since My wife and I are lower income middle class citizens.