New York Approves Additional Property Tax Exemptions for Seniors

The New York Governor signed a law authorizing localities to provide additional real property tax exemptions for seniors who meet the income eligibility limits and other criteria to the extent of sixty-five percent of the assessed valuation of such real property. The law takes effect immediately and shall apply to taxable years beginning on and after Jan. 1, 2026. [A.B. 3698A, enacted 12/05/25]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.