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. Though all property is assessed, not all of it is taxable. See a list of common property tax exemptions in New York State. You can get information about your property tax benefits, including: Application status, Current benefit amounts, Proposed benefit for the upcoming tax year. New York City and New York State offer homeowners property tax relief in the form of exemptions, abatements, and credits. In bankruptcy, a homestead exemption protects equity in your home. Here, you'll find specific information about the homestead exemption in New York. To file for a homestead exemption, you need to meet certain eligibility criteria and submit an application to your local tax assessor's office.