Kathy Hochul
New state legislation allows municipalities to offer up to 65% real property tax exemptions for senior citizens.
Governor Kathy Hochul signed the bill that allows localities to provide a real property tax exemption for senior citizens who meet the income eligibility limits, among other criteria, up to 65 percent of the assessed valuation of their properties.
Hochul said, “No New York senior should lose their home because they can no longer afford their property taxes. 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.”
Prior to this bill, the maximum percentage of exemption local governments have been able to offer senior citizens was set at 50 percent and has not been raised in decades. Hochul said increasing the exemption from 50 percent to 65 percent could translate into savings of up to $300 annually for the average senior.
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