By Hank Russell
Governor Kathy Hochul signed legislation on December 6 that enhanced real property tax exemptions for New York seniors. Legislation sponsored by state Senator Leoy Comrie (D-St. Albans) and Assemblyman David I. Weprin (D-Richmond Hill) allows localities to provide a real property tax exemption for senior citizens who meet the income eligibility limits, among other criteria, up to 65% of the assessed valuation of their properties. This legislation builds on the Governor’s affordability agenda, which included tax cuts for middle-class New Yorkers.
Local cosponsors included state Senator Steven Rhoads (R-Levittown) and Assemblymembers Noah Burruoghs (D-Hempstead) and Judy Griffin (D-Rockville Centre).
“No New York senior should lose their home because they can no longer afford their property taxes,” 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.”
The bill will give localities the option to offer real property tax exemptions of up to 65 percent to seniors living below the maximum income eligibility level set by the locality. Prior to, the maximum percentage of exemption local governments have been able to offer senior citizens was set at 50 percent and has not been raised in decades. Increasing the exemption from 50 percent to 65 percent could translate into savings of up to $300 annually for the average senior.
New York State Office for the Aging (NYSOFA) Acting Director Greg Olsen said, “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.”