Good news for millions of seniors in New York: if you are on this list, you will save up to $300 per month in taxes

New York’s older homeowners could soon feel meaningful relief. A new state law signed by Governor Kathy Hochul allows local governments to expand property-tax exemptions for qualifying seniors, potentially reducing bills by as much as three hundred dollars each year.

How the expanded exemption works for seniors

The law, known as S5175A/A3698A, raises the maximum property-tax exemption localities may offer from fifty percent to sixty-five percent of a home’s assessed value. Each locality will decide whether to adopt the higher threshold and set the income limits seniors must meet. If approved, qualifying residents would see a larger share of their home value removed from taxation, lowering their annual bill.

For many older New Yorkers, the change offers stability. “No senior should lose their home because they can no longer afford their property taxes,” Governor Hochul said.

Her administration framed the measure as part of a broader affordability effort that includes middle-class tax cuts and expanded supports for residents on fixed incomes.

Why the measure matters for affordability

More than 1.8 million older adults in the state own their homes. NYSOFA Acting Director Greg Olsen noted that property taxes are often the biggest strain on fixed-income households. Lawmakers such as State Senator Leroy Comrie and Assemblyman David Weprin praised the law, saying it helps long-time residents stay in the communities they helped build.

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