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.