Though all property is assessed, not all of it is taxable. See a list of common property tax exemptions in New York State.Exemption applications must be filed with your local assessor's office. See our Municipal Profiles for your local assessor's mailing address. You can get information about your property tax benefits, including: Application status, Current benefit amounts, Proposed benefit for the upcoming tax year. Homestead exemption protect property assets from probate. Properties recognized under laws of homestead are off-limits to creditors seeking attachment. Specifically, homestead laws allow individuals to declare a portion of their property as "homestead" and therefore protected from a forced sale. In New York, the homestead exemption applies to real property, including your home, condominium, or co-op. It also applies to a mobile home.