There is a brand new way for New Yorkers to save money, and state officials say it could be one of the most meaningful financial breaks residents have seen in years.
New York State is one of the highest-taxed states in the country. While our taxes do get us some of the best education scores in the nation, highly rated healthcare and the most beautiful state parks, the added expenses can weigh heavily on homeowners. Many residents already feel stretched thin, but it hits seniors the hardest. People living on fixed incomes often struggle to keep up with yearly spikes in their property tax bills, and for some, staying in their homes becomes more difficult every year. That is the group New York is targeting with this latest benefit.
A Major Expansion of the Senior Property Tax Exemption
Governor Kathy Hochul has signed new legislation that allows local governments to offer a much more generous real property tax exemption for eligible senior homeowners. The law lets towns, cities, and villages increase the long-standing senior exemption to as much as sixty-five percent of a property’s assessed value. Until now, localities were limited to offering fifty percent, a cap that had not changed in decades.
That fifteen-point boost could translate to savings of up to $300 each year for the average senior. However, the discount is not automatic. Each locality must decide whether to opt in and where to set income requirements for eligibility…