With the aim of protecting owners of the oldest homes in New York, Governor Kathy Hochul has signed a new state law through which local governments can expand property tax exemptions for eligible seniors. This is Law S5175A/A3698A, which raises the limit from 50% to 65% of the estimated home value. Each locality will have to choose the percentage it considers appropriate, and if approved, residents could see their annual bill reduced by up to $300. Acting NYSOFA Director Greg Olsen, State Senator Leroy Comrie, and Assemblyman David Weprin praised the law, noting that property taxes are the main burden on fixed-income families, and that this new law helps communities stay intact.
Property tax reduction
One of the main pressures faced by fixed-income families is the high price paid for property taxes, as explained by NYSOFA acting director Greg Olsen. More than 1.8 million older adults live in the state of New York and own their homes, which come with these high taxes. In order to alleviate this pressure, Governor Kathy Hochul has signed a new state law through which local governments have the authority to extend property tax exemptions to seniors who meet the eligibility requirements.
Law S5175A/A3698A
This new S5175A/A3698A law aims to protect New York’s elderly homeowners by raising the maximum property tax exemption from 50% to 65% of a home’s assessed value. According to the regulation, each locality will have to decide which percentage to adopt, as well as establish the income limits that seniors must meet to be eligible. If approved, qualifying residents would see a larger portion of their home’s value exempt from taxes, reducing their annual bill by up to $300. According to Governor Hochul, “No senior should lose their home because they can no longer afford their property taxes”.
This law represents an affordability effort aimed at reducing the tax burden on the middle class, as well as providing more support to residents with fixed incomes. This new law has been recognized by other legislators such as State Senator Leroy Comrie and Assemblyman David Weprin, who acknowledge its usefulness, emphasizing the importance of keeping local communities as they were.
Frequently asked questions
To whom the S5175A/A3698A Law addressed?
To senior homeowners in New York who meet the eligibility requirements.
Who proposed the law?
Governor Kathy Hochul.