Reducing Property Taxes for Seniors

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.

New York State Office for the Aging (NYSOFA) Acting Director Greg Olsen said, “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.”

State Senator Leroy Comrie said, “Seniors have faced rising housing costs and inflation— oftentimes living on fixed income. Signing S5175A into law is an important step toward restoring real affordability for older adults across New York. This law allows localities to offer up to a 65 percent discount to eligible seniors so long-time homeowners can remain in their communities with dignity and security. I thank Governor Hochul, my colleagues and especially Assemblymember David Weprin for partnering to deliver meaningful support for the New Yorkers who helped build this state.”

Assemblymember David Weprin said, “I'm grateful for Governor Kathy Hochul's commitment to improving affordability for all New Yorkers, including our senior citizen homeowners. By advancing this bill into law, we will provide relief from the burden of increasing real property taxes and ensure stability for elderly homeowners on low fixed incomes. I look forward to continued partnership with Governor Hochul and my fellow elected leaders to advance this critical affordability agenda.”

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.