Overview
- Governor Kathy Hochul signed S5175A/A3698A over the weekend, authorizing up to a 65% property tax exemption for eligible senior homeowners.
- Local uptake and municipality-set income limits will determine who qualifies and how widely the benefit is applied.
- The prior ceiling for local senior exemptions was 50%, a cap that had not been raised in decades.
- The governor’s office estimates average savings of up to about $300 per year for typical seniors, with actual relief varying by locality.
- Officials say more than 1.8 million older homeowners could benefit, as New York’s property taxes run high (1.64% effective rate; median bill over $6,300).