New York raises senior property tax exemption cap

"Under the new law, S5175A/A3698A, localities now have the option to offer exemptions of up to 65% for seniors who fall below the maximum income eligibility thresholds set at the local level. State estimates suggest that increasing the exemption could save the average senior about $300 annually. Greg Olsen, acting director of the New York State Office for the Aging, noted that more than 1.8 million older adults in New York own their homes,"

"These include Alabama, Alaska, Florida, Georgia, Indiana, Iowa, Kentucky, Mississippi, Nebraska, North Carolina, Ohio, South Carolina, Texas and Washington. But the type of relief varies widely by state. New York provides an exemption that reduces the portion of a home's value that is taxed. Other states exempt only the state-level portion of the tax bill, while some exclude a certain dollar amount such as the first $150,000 of assessed value."

S5175A/A3698A allows local governments in New York to offer property tax exemptions up to 65% for seniors who meet locally set maximum income thresholds. Increasing the exemption could save the average senior about $300 per year. More than 1.8 million older New Yorkers own their homes, and property taxes can be difficult to afford for those on fixed incomes. The bill was approved by the State Senate in June and applies to taxable years beginning Jan. 1, 2026. Fourteen states and the District of Columbia also offer older-homeowner tax relief, but program types and benefits vary and face budgetary pressures.

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