Exemption applications must be filed with your local assessor's office. See our Municipal Profiles for your local assessor's mailing address.Principal Residence Required: The Homestead Exemption in New York only applies to the debtor's primary residence. It is a local option to establish two separate property tax rates: a lower tax rate for residential property owners. You can get information about your property tax benefits, including: Application status, Current benefit amounts, Proposed benefit for the upcoming tax year. Homestead exemptions protect homeowners in financial distress from losing their entire property holdings to their creditors. Senior Citizen Homeowners' Exemption (SCHE). Eligibility. In New York, the homestead exemption applies to real property, including your home, condominium, or co-op. It also applies to a mobile home.
