You must own the property and have an equity interest in it. This includes houses, condominiums, co-ops, and mobile homes. Your home equity must fall within the exemption limits for your county: $179,950 for the counties of Kings, Queens, New York, Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester, and Putnam.

Some properties, such as those owned by religious organizations or governments are completely exempt from paying property taxes. Others are partially exempt, such as veterans who qualify for an exemption on part of their homes, and homeowners who are eligible for the School Tax Relief (STAR) program.

To qualify for an exemption that begins on July 1, you must be 65 or older by the following December 31. If you co-own your property with a spouse or sibling, only one of you needs to be 65 or older. For other co-ownerships such as a parent and children, all owners must be 65 or older.

To apply. Visit .tax.ny or call (518) 457-2036. (If you currently receive STAR, you can apply for E-STAR with the Department of Finance: .nyc/star.)

Property tax benefits Cooperative and Condominium Tax Abatement. Senior Citizen Homeowners' Exemption (SCHE) ... Senior Citizen Rent Increase Exemption (SCRIE) for landlords. Senior Citizen Rent Increase Exemption (SCRIE) for tenants. School Tax Relief (STAR) Program. Non-profit exemptions.

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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.Is the homestead tax option available everywhere in the state? Though all property is assessed, not all of it is taxable. See a list of common property tax exemptions in New York State. Homestead exemption protect property assets from probate. Properties recognized under laws of homestead are off-limits to creditors seeking attachment. Almost every state has a homestead exemption, allowing homeowners to keep their primary residence safe from creditors. In New York, the homestead exemption applies to real property, including your home, condominium, or co-op. It also applies to a mobile home.

Homestead Exemption With No Mortgage In Bronx

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