Determine your home's current market value. 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. Provides tax relief to a domiciled resident who is the legal owner of residential property on or before December 31st of each year. How to apply for the Homestead Exemption to reduce your Real Estate Tax bill if you own your home in Philadelphia. Deferrals. You may qualify for a deferral of your property tax liability if: You are 60 or older, or retired because of physical disability. The Town of North Kingstown offers several exemptions.