A detailed listing and information on all NYS exemption can be found on the NYS Office of Real Property Tax Services webpage.
ALL Exemptions are to be given to your Local Assessor by MARCH 1st!!
Below are the 3 most well known exemptions. There may be others that are allowed in your taxing unit. Contact your assessor to find out.
STAR (School TAx Relief)
Recent changes to STAR have turned it into a check rebate program administered by NYS. You can find more information on the STAR website for Tax & Finance.
New York State's School Tax Relief (STAR) Program provides property tax exemptions for New York homeowners. Do not confuse this with the STAR rebate program that was discontinued awhile back.
- Basic = You have to own and live in the home. Can only have one. Has to be on your primary residence. Can not have the homestead exemption in Florida. Can not make more than $500,000.
- Enhanced = 65 or older. Total owner income must be below $86,000. Must apply every year unless your assessor offers the Income Verification Program (IVP). CAN NOT have it if you have the homestead exemption in Florida.
How it works (examples):
A home is assessed for $100,000. The Basic Star is worth $30,000. This means your SCHOOL taxes will be figured out on $70,000 ($100,000 - $30,000). So if your school tax rate was $20 per $1,000 of assessment, then you would be paying $1,400 instead of $2,000. The Enhanced Star is figured the same way but it has a higher limit, say $60,000 instead of $30,000. These limits are set by New York State and fluctuate yearly based off of a figure similiar to your towns equalization rate. You can find these figures here.
New York State Real Property Tax Law, section 467, gives local governments and public school districts the option of granting a reduction on the amount of property taxes paid by qualifying senior citizens. This is accomplished by reducing the taxable value of residential property owned by seniors by 50%.
- Must be 65 or older.
- Must reapply every year.
- This applies to School, Town, County, Village, and City bills.
- ALL income (including Social Security) must be less then the amount chosen by your taxing jurisdiction. Please contact your assessor to find out those amounts. The County limits are:
$18,500 or less = 50% of assessed value exempt
$18,501 but less than $19,500 = 45% of assessed value exempt
$19,500 but less than $20,500 = 40% of assessed value exempt
$20,500 but less than $21,500 = 35% of assessed value exempt
$21,500 but less than $22,400 = 30% of assessed value exempt
$22,400 but less than $23,300 = 25% of assessed value exempt
$23,300 but less than $24,200 = 20% of assessed value exempt
*Some taxing jurisdictions (including Cattaraugus County) have adopted additional exemption limits:
$24,200 but less than $25,100 = 15% of assessed value exempt
$25,100 but less than $26,000 = 10% of assessed value exempt
There is the Cold War, Eligible Funds, and, more widely used, Alternative Exemptions for Veterans. These exemptions can apply to your County taxes but then will vary by municipality (these exemptions DO NOT lower your School taxes). Contact your assessor to find out if your local Town/Village/City allows these exemptions.
- Alternative = provides a property tax exemption of 15% of assessed value to veterans who served during wartime and an additional 10% to those who served in a combat zone. The law also provides an additional exemption to disabled veterans equal to one-half of their service-connected disability ratings.
- Eligible Funds= This exemption reduces the property's assessed value to the extent that eligible funds were used in the purchase, generally up to a maximum of $5,000.
- Cold War= The exemption provides a basic property tax exemption, of either 10 or 15 percent of assessed value (as adopted by the municipality) to veterans who served during the Cold War period. The law also provides an additional exemption to disabled veterans, equal to one-half of their service-connected disability ratings. The basic exemption is limited to 10 years, but there is no time limit for the disabled portion of this exemption.