NY Seniors May Receive Up to 65% Property-Tax Exemption

Gov. Kathy Hochul signed new legislation allowing local governments to offer seniors a property-tax exemption of up to 65% of a home’s assessed value.

* This raises the previous maximum exemption from 50% to 65%.

* Savings for eligible seniors could reach about $300 a year, depending on locality rules.

* Participation is optional each city, town, or county may choose whether to adopt the expanded exemption.

* The bill is meant to help seniors on fixed incomes afford to remain in their homes.