NEW YORK (WBNG) — Seniors living in New York may be eligible for up to a 65% property tax exemption, thanks to new legislation designed to make living in New York more affordable.
Governor Kathy Hochul authorized legislation that enhanced real property tax exemptions for seniors who meet specific income eligibility criteria, among other requirements.
The bill will give localities the option to offer real property tax exemptions of up to 65% to seniors living below the maximum income eligibility set by the locality.
Previously, local governments could only offer seniors up to a 50% tax exemption. The increase to a 65% tax exemption could translate to savings of up to $300 annually for the average senior.
Learn more about the property tax exemption legislation on the governor’s website.
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