Local governments and school districts in New York State can opt to grant a reduction on the amount of property taxes paid by qualifying senior citizens. This is accomplished by reducing the taxable assessment of the senior’s home by as much as 50%.

To qualify, seniors generally must be 65 years of age or older and meet certain income limitations and other requirements. For the 50% exemption, the law allows each county, city, town, village, or school district to set the maximum income limit at any figure between $3,000 and $50,000.

In addition, there are three sliding-scale options that municipalities may adopt to provide a benefit to seniors with incomes greater than the local maximum. Under these options, qualifying seniors may receive the exemption if their income is below:

  • $55,700 for a 20% exemption,
  • $57,500 for a 10% exemption, or
  • $58,400 for a 5% exemption.

Definition changes in the 2023-2024 enacted State Budget.

By Danniel

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