Governor Signs Enhanced Senior Property Tax Exemption Bill

Advancing Co-Op Transparency and Advocacy in a Critical Week for Housing Policy

One of the key pieces of legislation discussed was Intro 1120, sponsored by Councilmember Julie Farías, that would establish clear timelines for cooperative boards to process, review, and issue decisions on co-op purchase applications.

ALBANY—New York Gov. Kathy Hochul signed legislation on Dec. 6 that enhances real property tax exemptions for New York seniors. Legislation S5175A/A3698A 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.

“No New York senior should lose their home because they can no longer afford their property taxes,” Gov. 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% 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% and has not been raised in decades. Increasing the exemption from 50% to 65% 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.”

This legislation builds on Governor Hochul’s affordability agenda, which includes:

Middle-Class Tax Cut: Approximately 8.3 million New Yorkers will benefit from decreased tax rates, bringing middle-class taxes to their lowest levels in 70 years.
Child Tax Credit Expansion: The Child Tax Credit is increasing to up to $1,000 per child under the age of four and up to $500 for school-aged children, starting in 2026.
Inflation Refund Checks: Eligible New Yorkers have received up to $200 per person or $400 per family, reaching 8.2 million people.
Free School Meals: All K-12 students now have access to free breakfast and lunch, saving families up to $1,600 per child annually.