Governor Kathy Hochul signed legislation that enhanced real property tax exemptions for New York seniors. Legislation S5175A/A3698A 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 percent of the assessed valuation of their properties. This legislation builds on the Governor’s affordability agenda, which included tax cuts for middle-class New Yorkers.
“No New York senior should lose their home because they can no longer afford their property taxes,” Governor 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.”
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. Prior to, 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. Increasing the exemption from 50 percent to 65 percent could translate into savings of up to $300 annually for the average senior.
This legislation builds on Governor Hochul’s affordability agenda, which includes:
- Middle-Class Tax Cut: Approximately 8.3 million New Yorkers will benefit from decreased tax rates, bringing middle-class taxes to their lowest levels in 70 years.
- Child Tax Credit Expansion: The Child Tax Credit is increasing to up to $1,000 per child under the age of four and up to $500 for school-aged children, starting in 2026.
- Inflation Refund Checks: Eligible New Yorkers have received up to $200 per person or $400 per family, reaching 8.2 million people.
- Free School Meals: All K-12 students now have access to free breakfast and lunch, saving families up to $1,600 per child annually.
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