You can get information about your property tax benefits, including: Application status, Current benefit amounts, Proposed benefit for the upcoming tax year. Exemption applications must be filed with your local assessor's office.See our Municipal Profiles for your local assessor's mailing address. 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. Homestead exemption protect property assets from probate. Properties recognized under laws of homestead are off-limits to creditors seeking attachment. When you file for bankruptcy, the homestead exemption will automatically be figured into your case (so you don't have to file a separate homestead declaration). The "enhanced" STAR exemption will provide an average school property tax reduction of at least 45 percent annually for seniors living in median-priced homes.