Complete the questions that follow. A senior property tax exemption reduces the amount seniors 65 years of age or older have to pay in taxes on properties they own.Adoption of a residential exemption may also benefit seniors if their property qualifies for a shift based on lower-valued home assessment. Pennsylvania Property Tax and Rent Rebate Program – Deadline approaching. The Elderly Exemption reduces the local property tax liability of seniors (65 years of age). We have everything you need to know about applying for a property tax or rent rebate. The CAO will not count money that an individual receives under the Senior Citizen Rebate and Assistance Act, such as property tax refunds and rent rebates.