To qualify, seniors generally must be 65 years of age or older and meet certain income limitations and other requirements. Explore the nuances of New York's Homestead Exexemption.Though all property is assessed, not all of it is taxable. See a list of common property tax exemptions in New York State. This exemption can be applied to all residential property up to five dwelling units of which at least one is owner occupied. Learn more about the Town's tax exemption program for senior residents, including eligibility requirements, and application details. Learn more about exemptions and deferrals for senior citizens, persons with disabilities, and disabled veterans. Find out how to qualify and apply. contact. It's important to note that though a person may own multiple properties, Homestead Exemption can apply only to the one where you live. The Homestead Exemption is required for this exemption.