The New York Governor Kathy Hochulsigned a Law that exempts certain property owners from taxes of real estate in the state. The good news applies to the older adults that meet specified requirements, such as: B. Admission limits for income.
Legislation S5175A/A3698A, passed on December 5, allows municipalities to grant one Exemption from property tax to the residents of the third age who, among other things, meet the income requirements of up to 65% of the cadastral value of your properties.
Previously it was maximum exemption percentage that local governments could offer something to older people was set at 50% and “it has not increased in decades,” they explain in a statement.
Asismico, the governor’s office Hochul points out Increase in exemption from 50% to 65% could represent a Savings of up to $300 per year for the average senior.
The law stipulates that household income decreases in steps $1,000 below the maximum limitHe Exemption percentage increased:
Essentially, the lower the household income is below the maximum limit, the greater the percentage of the assessed value that is exempt from tax reach a maximum of 65%.
This law comes into effect immediately and applies to beginning financial years from January 1, 2026.
The Democratic governor noted this No older person in the company should lose their home from not being able to pay taxes Property.
He added: “By passing this law We are working on it New York is more affordable for our seniors They have a stable income, allowing them to age in their homes, in the communities they know and love.”
The law recently signed by Hochul is based on the Affordability agenda from the state government, including:
About The Author
