Introduction to Property Tax Exemptions for New York Seniors
New York seniors could get some tax relief in an increasingly expensive economy thanks to a new state law put on the books over the weekend.
Houses in Midwood located near Brooklyn College.
Photo by Barbara Russo-Lennon
New York seniors could get some tax relief in an increasingly expensive economy thanks to new state law put on the books over the weekend.
Gov. Kathy Hochul signed legislation on Dec. 6 that aims to enhance real property tax exemptions for seniors in the Empire State. Named legislation S5175A/A3698A, the law allows localities to provide a real property tax exemption for seniors who meet the income eligibility limits, and other criteria, up to 65% of the assessed valuation of their properties.
Benefits of the New Legislation
“No New York senior should lose their home because they can no longer afford their property taxes,” the governor said. “By signing this legislation, we are working to make New York more affordable for our seniors on fixed incomes and empowering them to age in place, at home, in the communities they know and love.”
Before the recently passed legislation, localities could only offer seniors an exemption of up to 50%. According to the governor’s office, increasing the exemption from 50% to 65% could translate into savings of up to $300 annually for the average senior.
Ensuring Stability for Fixed-Income Homeowners
Representing Queens, NYS Assembly Member David Weprin said the law will help seniors on fixed incomes.
“By advancing this bill into law, we will provide relief from the burden of increasing real property taxes and ensure stability for elderly homeowners on low fixed incomes,” he said.
The state-wide measure must be adopted locally to take effect. It is unclear whether NYC lawmakers will opt into the program.
Impact on Seniors and the Community
Echoing Weprin’s remarks, Greg Olsen, acting director of the NYS Office for the Aging, said that property taxes, especially for those on fixed incomes, can often be difficult to afford.
“This important law will continue to help older adults remain in the homes and communities of their choice and keep their vast contributions within New York State,” he said.
Conclusion
The new legislation is a significant step towards making New York more affordable for seniors. By increasing the property tax exemption from 50% to 65%, the state aims to provide relief to seniors on fixed incomes and help them age in place. While the measure must be adopted locally to take effect, it has the potential to make a significant difference in the lives of many New York seniors.
FAQs
Q: What is the new property tax exemption for New York seniors?
A: The new legislation allows localities to provide a real property tax exemption for seniors who meet the income eligibility limits, and other criteria, up to 65% of the assessed valuation of their properties.
Q: How much can seniors save with the new exemption?
A: According to the governor’s office, increasing the exemption from 50% to 65% could translate into savings of up to $300 annually for the average senior.
Q: Do NYC lawmakers have to opt into the program?
A: Yes, the state-wide measure must be adopted locally to take effect, and it is unclear whether NYC lawmakers will opt into the program.
Q: What is the goal of the new legislation?
A: The goal of the new legislation is to provide relief to seniors on fixed incomes and help them age in place, by making New York more affordable for them.
