Expert guides about financial in New York from Brevy Care.
A New York homeowner who turns 65 can claim two property-tax breaks at once: a bigger school-tax cut through Enhanced STAR and up to half off their assessed value through the senior exemption.
The New York estate tax exempts estates up to about $7.35 million for 2026, but a quirk called the cliff can erase that whole exemption once an estate tops it by more than 5 percent.
New York does not tax Social Security, and it generally lets you subtract New York State, local, and federal government pensions to the extent they are in your federal income.
A semi-private nursing home room in New York runs about $186,333 a year, the third-highest of any state, and even non-medical care at home costs roughly $80,080 a year.