Summary
New York Governor Kathy Hochul signed a law allowing senior citizens in the state to receive up to a 65% exemption on their property taxes if they meet certain income criteria. This change aims to help seniors struggling with the high costs of housing and living expenses. Before this law, local governments could only offer up to a 50% exemption.
Key Facts
- New York Governor Kathy Hochul signed a law to increase property tax exemptions for seniors.
- Seniors in New York can now get up to 65% off their property taxes if they meet certain income levels.
- The previous maximum property tax exemption for seniors was capped at 50%.
- Property taxes in the U.S. have increased significantly since 2019.
- In New York, the state's effective tax rate is 1.64%, higher than the national average.
- More than 1.8 million older adults in New York own homes and could benefit from this tax exemption.
- This legislation is designed to help seniors manage rising housing costs and stay in their homes.
- First-time homebuyers in New York will not benefit from this new exemption law.
