New York seniors could soon see thousands shaved from their property-tax bills under a new law signed by Gov. Kathy Hochul — a move that places housing affordability squarely on the state agenda as living costs continue to climb.

The legislation, S5175A/A3698A, authorizes local governments to raise the maximum real-property tax exemption for eligible seniors to 65% of a home’s assessed value, lifting the previous cap of 50%.

Municipalities must choose to adopt the expanded exemption, but if fully enacted, a homeowner paying around $6,000 annually in taxes could save close to $3,900 per year, with even larger reductions in high-tax counties.

New York seniors may soon see substantially lower housing costs under a new law that lets municipalities raise the property-tax exemption for eligib

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