Governor Kathy Hochul has signed a bill into law aimed at providing financial relief to seniors in New York by enhancing real property tax exemptions. The legislation, identified as S5175A/A3698A, allows local governments to offer tax exemptions of up to 65 percent for senior citizens who meet specific income eligibility criteria. This marks an increase from the previous maximum exemption of 50 percent, which had remained unchanged for decades.

The new law could result in savings of up to $300 annually for the average senior homeowner. Governor Hochul emphasized that the measure is part of her broader affordability agenda, which includes tax cuts for middle-class New Yorkers. She stated, "No senior should lose their home because they can no longer afford property taxes."

State Senator Leroy Comrie highlighted the importance of this legislation, saying, "Seniors have faced rising housing costs and inflation—oftentimes living on fixed income. Signing S5175A into law is an important step toward restoring real affordability for older adults across New York." Assemblymember David Weprin also expressed gratitude for the governor's commitment to improving affordability for senior homeowners.

The law gives localities the option to implement these tax exemptions, allowing seniors to remain in their communities with dignity and security. The legislation builds on Governor Hochul’s ongoing efforts to enhance affordability and support for New Yorkers.

CBS6 Albany reported on the signing of the bill, emphasizing its potential impact on senior citizens. The New York State Senate also provided details on the legislation, highlighting the criteria for eligibility and the potential benefits for seniors across the state.

Elvis Duran