New York Expands Senior Property Tax Exemptions for 2026: What Homeowners Should Know
New York seniors will see meaningful property tax relief in 2026 under new legislation signed by Governor Kathy Hochul. The law raises the maximum senior exemption from 50% to 65% of a home’s assessed value — the first increase in decades.
The change applies to eligible older homeowners who meet local income requirements. For many, the expanded exemption may reduce annual tax bills by up to $300, offering welcome relief at a time when property taxes continue rising due to higher home values and increased municipal service costs.
The new exemption is part of a broader affordability agenda aimed at helping longtime residents stay in their homes. With more than 1.8 million seniors owning property across the state, the measure is expected to ease financial pressure for those on fixed incomes.
Local governments will adopt and administer the exemption, meaning savings will vary by county and town. Seniors are encouraged to check updated assessment notices and confirm their income eligibility before the 2026 tax cycle begins.
New York’s new rules join other statewide affordability measures taking effect in 2026, including cash-acceptance protections and broader middle-class tax adjustments, which together reflect a growing focus on cost-of-living relief.
Many of these changes align with broader shifts in state and federal money laws taking effect nationwide, as detailed in our 2026 money law overview.
