Determine your home's current market value. You can get information about your property tax benefits, including: Application status, Current benefit amounts, Proposed benefit for the upcoming tax year.There is a special requirement for school districts located in more than one city or town that want to use homestead and non homestead school tax rates. Exemption applications must be filed with your local assessor's office. See our Municipal Profiles for your local assessor's mailing address. Eligibility ; Age, All owners of the property must be 65 or older, unless the owners are spouses or siblings. This guide breaks down everything you need to know, from who qualifies to how it can shield your home from certain debts and lower your property taxes. In bankruptcy, a homestead exemption protects equity in your home. Here, you'll find specific information about the homestead exemption in New York. This can provide asset protection from creditors for at least some of house's value.