New York’s 2026 Tax Break Lets Cities Slash Up to 65% Off Seniors’ Home Values — But You Have to Ask for It

A new law allows local governments to increase senior property tax exemptions from 50% to as much as 65%, which could save some seniors thousands of dollars every year. William Perugini/Shutterstock

For many retirees in New York, rising property taxes have become one of the biggest threats to staying in the homes they worked decades to afford. Even seniors who paid off their mortgages years ago are finding themselves squeezed by increasing assessments, inflation, and fixed retirement incomes.

Now, a major expansion to New York’s senior property tax relief system could offer meaningful help to thousands of older homeowners across the state. A new law signed by Governor Kathy Hochul allows local governments to increase senior property tax exemptions from 50% to as much as 65% of a home’s assessed value. The catch is that the exemption is not automatic, and many eligible seniors may miss out because they never apply. Here’s what you need to know to get your tax break.