Tax relief: New York seniors to get up to 65% property tax exemption

"New York seniors could get some tax relief in an increasingly expensive economy thanks to new state law put on the books over the weekend. Gov. Kathy Hochul signed legislation on Dec. 6 that aims to enhance real property tax exemptions for seniors in the Empire State. Named legislation S5175A/A3698A, the law allows localities to provide a real property tax exemption for seniors who meet the income eligibility limits, and other criteria, up to 65% of the assessed valuation of their properties."

"No New York senior should lose their home because they can no longer afford their property taxes, the governor 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. Before the recently passed legislation, localities could only offer seniors an exemption of up to 50%."

Gov. Kathy Hochul signed legislation S5175A/A3698A on Dec. 6 enabling localities to offer eligible seniors a real property tax exemption up to 65% of assessed valuation. The expanded exemption increases the prior cap of 50% and could yield savings of up to $300 annually for the average senior, according to the governor's office. The measure targets seniors on fixed incomes to help them remain in their homes and communities. The law requires local adoption to take effect, and it remains unclear whether New York City lawmakers will opt into the program. State officials emphasized affordability and stability for elderly homeowners.

Read at www.amny.com