It is a local option to establish two separate property tax rates: a lower tax rate for residential property owners. Determine your home's current market value.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. President Abraham Lincoln signed the Homestead Act on May 20, 1862. This guide breaks down everything you need to know, from who qualifies to how it can shield your home from certain debts and lower your property taxes. In New York, the homestead exemption applies to real property, including your home, condominium, or co-op. It also applies to a mobile home. Mortgages and certain liens won't be included in the exemption.
