Governor Hochul approves new legislation expanding real property tax exemptions to support seniors across New York

New York – New York seniors on fixed incomes could soon see meaningful relief on their yearly tax bills, thanks to a new measure signed into law by Governor Kathy Hochul. The legislation, aimed at easing financial pressure on older homeowners, updates long-standing rules for real property tax exemptions and gives local governments more room to help residents who may be struggling to keep up with rising costs.

The new law, officially known as S5175A/A3698A, allows counties, towns, cities, and villages across the state to offer property tax exemptions of up to 65 percent of a home’s assessed value for eligible senior citizens. While localities have had the authority to grant exemptions for decades, the upper limit had remained capped at 50 percent, a number that had not been updated in generations. Supporters say this long-overdue change modernizes an outdated system and reflects the economic realities faced by older adults today.

Governor Hochul emphasized the human stakes behind the bill, stressing that older New Yorkers deserve stability as they age.

“No New York senior should lose their home because they can no longer afford their property taxes,” Governor Hochul 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.”

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Under the new framework, each locality has the flexibility to set its own income eligibility threshold. Seniors who meet the financial criteria and other requirements could see significant savings—potentially up to $300 a year for many households. While the figure may not seem monumental, state officials noted that even a few hundred dollars can make an enormous difference for residents living on limited retirement income.

Greg Olsen, Acting Director of the New York State Office for the Aging (NYSOFA), welcomed the legislation as another step in the state’s effort to support older New Yorkers.

“Governor Hochul is coming through yet again on making New York more affordable for individuals and their families. Property taxes, especially for those on fixed incomes, can often be difficult to afford. With more than 1.8 million older adults who own their own homes, this important law will continue to help older adults remain in the homes and communities of their choice and keeping their vast contributions within New York State.”

Lawmakers involved in championing the bill said they were motivated by the increasing number of seniors reporting anxiety about housing costs. Many have lived in their communities for decades but now face inflation, medical expenses, and rising property taxes simultaneously.

State Senator Leroy Comrie called the legislation a meaningful step toward easing those burdens.

“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. This law allows localities to offer up to a 65 percent discount to eligible seniors so long-time homeowners can remain in their communities with dignity and security. I thank Governor Hochul, my colleagues and especially Assemblymember David Weprin for partnering to deliver meaningful support for the New Yorkers who helped build this state.”

Assemblymember David Weprin echoed those sentiments, noting that housing stability is becoming increasingly difficult for elderly homeowners.

“I’m grateful for Governor Kathy Hochul’s commitment to improving affordability for all New Yorkers, including our senior citizen homeowners. 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. I look forward to continued partnership with Governor Hochul and my fellow elected leaders to advance this critical affordability agenda.”

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The property tax exemption measure fits into a broader affordability agenda that the Governor has pushed forward over the past several years. The state has adopted a number of financial relief initiatives designed to ease pressure on middle-class families and support vulnerable populations. Those actions include:

• Middle-Class Tax Cuts: Roughly 8.3 million residents now benefit from reduced tax rates, lowering middle-class taxes to the lowest level seen in 70 years.
• Child Tax Credit Expansion: Beginning in 2026, families will receive up to $1,000 for each child under four and up to $500 for older children.
• Inflation Refund Checks: Millions of New Yorkers have received relief payments of up to $200 per person or $400 per family.
• Free School Meals: Every student in grades K–12 now receives free breakfast and lunch, a change that can save a family as much as $1,600 per child each year.

Supporters say the new property tax exemption—while specific to seniors—is part of the same effort to make life more manageable in a state where housing costs remain a major concern across income levels.

Local governments will now decide whether to adopt the higher exemption option, and many are expected to review the change as they plan upcoming budget cycles. Advocates for seniors are hopeful that municipalities will act quickly, giving older residents added peace of mind as they plan for the years ahead.

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