Property taxes are one of the biggest ongoing expenses facing retirees, especially in a state like New York, where tax bills can be among the highest in the nation. Many older homeowners assume they’re stuck paying whatever their local assessor determines, but that’s not always the case. Thousands of New York seniors qualify for property tax programs that can dramatically reduce their home’s taxable value, potentially saving them hundreds or even thousands of dollars each year. In some communities, eligible seniors may be able to reduce the taxable value of their property by as much as 65% through a combination of state-authorized exemptions and local participation.
