New York Seniors Could Save More on Property Taxes With New Law

New York seniors may get bigger property tax breaks after Governor Kathy Hochul signed legislation letting local governments increase exemptions for qualifying homeowners.

What’s Changing

• Local governments can now exempt up to 65% of a senior’s assessed property value.

• Previously, the maximum was 50%, unchanged for decades.

• Income eligibility and other rules are still set by each municipality, so savings will vary.

On average, qualifying seniors could save up to $300 per year, giving a helpful boost for those on fixed incomes.

Read: 10 States Where You Can Save for a Home Down Payment Faster in 2025–2026
 

Legislation Details

The law, S5175A/A3698A, allows localities to offer larger exemptions to seniors meeting income thresholds.

Part of a Bigger Affordability Plan

The new exemptions are part of Governor Hochul’s broader affordability agenda, which includes:

• Middle-class tax cuts

• Expanded child tax credits

• Inflation refund checks

• Free school meals for K-12 students

This initiative helps seniors stay in their homes, eases financial pressure, and complements other programs aimed at supporting New Yorkers facing rising housing, energy, and food costs.

Eligible seniors should check with their local assessor’s office to see how the new exemptions apply in their community.

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