You can get information about your property tax benefits, including: Application status, Current benefit amounts, Proposed benefit for the upcoming tax year. Exemption applications must be filed with your local assessor's office.See our Municipal Profiles for your local assessor's mailing address. Though all property is assessed, not all of it is taxable. See a list of common property tax exemptions in New York State. Principal Residence Required: The Homestead Exemption in New York only applies to the debtor's primary residence. Homestead exemption protect property assets from probate. Properties recognized under laws of homestead are off-limits to creditors seeking attachment. In bankruptcy, a homestead exemption protects equity in your home. Here, you'll find specific information about the homestead exemption in New York.