G
ov. Kathy Hochul’s latest legislation, S5175A/A3698A, lifts the ceiling on property‑tax relief for qualifying seniors from 50% to 65% of a home’s assessed value. The measure gives municipalities the option to expand the exemption, and if fully embraced, a homeowner who currently pays roughly $6,000 a year could cut that bill by nearly $3,900, with even steeper cuts in high‑tax regions. Hochul emphasized that “no New York senior should lose their home because they can no longer afford their property taxes,” underscoring the goal of letting elders remain in the neighborhoods they love. The bill arrives amid a statewide focus on affordability, complementing Mayor‑elect Zohran Mamdani’s push to ease financial strain for renters and working families. While the exemption targets a demographic often sidelined in housing debates, its adoption will depend on local budgets. Nevertheless, the new law offers seniors a tangible, ongoing savings path and signals Albany’s commitment to preventing long‑time residents from being displaced by escalating costs.