- - New York expands real property tax exemptions for seniors , M...

New York expands real property tax exemptions for seniors

by MLS Nation Realty

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A new law lets localities raise senior property tax exemptions from 50% to 65%, offering potential annual savings for eligible older homeowners. New York Governor Kathy Hochul has signed legislation expanding real property tax exemptions for senior citizens in New York.

The measure, S5175A/A3698A, allows localities to provide exemptions for seniors who meet income eligibility limits and other criteria. This would raise the maximum exemption level to 65 percent of the assessed value of their properties. The previous maximum exemption local governments could offer was 50 percent, and had not been increased in decades.

“No New York senior should lose their home because they can no longer afford their property taxes,” Governor Hochul said in a release. “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.”

“Governor Hochul is coming through yet again on making New York more affordable for individuals and their families. Property taxes, especially for those on fixed incomes, can often be difficult to afford. With more than 1.8 million older adults who own their own homes, this important law will continue to help older adults remain in the homes and communities of their choice and keeping their vast contributions within New York State," said New York State Office for the Aging (NYSOFA) Acting Director Greg Olsen.

According to the governor’s office, increasing the exemption from 50 percent to 65 percent could result in annual savings of up to $300 for the average senior. Localities will have the option to adopt the higher exemption level based on the income eligibility standards they set.