New York has approved a new law expanding property tax exemptions for senior homeowners. The legislation, known as S5175A/A3698A, gives cities, towns, and counties the option to raise the maximum real property tax exemption for eligible seniors from 50 percent to 65 percent of a home’s assessed value.
Local governments may choose whether to adopt the higher exemption and can set income eligibility limits for residents who qualify. State officials say the change is designed to help seniors on fixed incomes remain in their homes. Increasing the allowable exemption could save the average eligible homeowner up to $300 a year.
According to the New York State Office for the Aging, more than 1.8 million older adults in the state own their homes, and property taxes can be a significant financial burden for many of them.
The measure received support from lawmakers who said rising housing and living costs have made it harder for long-time homeowners to stay in their communities.
The new law takes effect immediately, but each locality will decide whether to implement the enhanced exemption level.
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