RP467K2 (Fillin), Instructions on form, Application for Partial Tax Exemption for Long Time Senior Citizen Residents in the City of Buffalo. Homestead exemption protect property assets from probate.Properties recognized under laws of homestead are off-limits to creditors seeking attachment. The senior citizen homeowners exemption allows seniors the age of 65 and above with an annual income of 58 399 or less to reduce the property tax bill. This can provide asset protection from creditors for at least some of house's value.