New law helps shave thousands from seniors’ property taxes

New York seniors could soon see thousands shaved from their property-tax bills under a new law signed by Gov. Kathy Hochul — a move that places housing affordability squarely on the state agenda as living costs continue to climb.

The legislation, S5175A/A3698A, authorizes local governments to raise the maximum real-property tax exemption for eligible seniors to 65% of a home’s assessed value, lifting the previous cap of 50%. 

Municipalities must choose to adopt the expanded exemption, but if fully enacted, a homeowner paying around $6,000 annually in taxes could save close to $3,900 per year, with even larger reductions in high-tax counties.

Hochul framed the measure as an effort to help elder state residents stay rooted in their communities rather than being priced out. 

“No New York senior should lose their home because they can no longer afford their property taxes,” she said in the press release, adding the bill will allow residents to “age in place, at home, in the communities they know and love.”

The move lands as affordability becomes one of the dominant political themes in New York.

While Mayor-elect Zohran Mamdani campaigned on easing financial pressure for renters and working families, the tax exemption offers a parallel form of relief targeted specifically at aging homeowners — a demographic often overlooked in housing policy debates.

Local adoption will determine how widely the benefit takes hold.

But as municipalities weigh their budgets, the new law gives seniors a pathway to meaningful, recurring savings — and signals a broader push from Albany to keep longtime residents from being forced out by rising costs.