NYS Property Tax Exemptions

General Advice

OCT 19, 2023

Owning a home is not only a significant milestone in one's life but also comes with certain financial responsibilities. New York State (NYS) acknowledges the importance of supporting homeowners and provides various exemptions that can help alleviate the burden of property taxes. These exemptions are designed to make homeownership more accessible and affordable, fostering stable communities and providing financial relief to those who need it most.

Basic STAR (School Tax Relief) Exemption

The Basic STAR exemption is one of the most well-known homeowner exemptions in NYS. It provides a reduction in property taxes for the primary residences of eligible homeowners. To qualify for the Basic STAR exemption, homeowners must meet certain income and residency requirements. This exemption aims to offer financial relief to homeowners by lowering the amount of school property taxes they owe.

Enhanced STAR Exemption

Designed specifically for senior citizens, the Enhanced STAR exemption builds upon the Basic STAR program. Eligible homeowners who are 65 years or older may apply for this exemption. Like the Basic STAR, the Enhanced STAR aims to reduce school property taxes, with the added benefit of more substantial savings for senior citizens. Similar to the Basic STAR, there are income and residency requirements that must be met to qualify for the Enhanced STAR exemption.

Senior Citizens Exemption

The Senior Citizens Exemption provides property tax relief to eligible homeowners who are 65 years or older. This exemption is not limited to school taxes but also applies to general property taxes. The income and residency requirements may vary depending on the municipality, so homeowners should check with their local assessor's office for specific details.

Veterans' Exemptions

NYS offers several exemptions for veterans as a token of appreciation for their service to the country. These exemptions include:

Clergy and Religious Organization Exemption

Clergy members and religious organizations may be eligible for property tax exemptions in NYS. These exemptions acknowledge the religious and community services provided by these entities. Eligibility criteria and benefits can vary, so homeowners in this category should consult their local assessor's office for accurate information.

Agricultural Exemption

For homeowners engaged in agricultural activities, the Agricultural Exemption can provide significant property tax relief. This exemption encourages and supports the preservation of agricultural lands and practices by reducing the property tax burden on eligible farmland.

New York State recognizes the importance of homeownership and the financial challenges that can come with it. The array of exemptions available to homeowners reflects the state's commitment to providing financial relief and support to various segments of the population, including senior citizens, veterans, and those engaged in agriculture or religious services. If you are a homeowner in NYS, it's crucial to research and understand the exemptions you might be eligible for. Consulting your local assessor's office or a tax professional can help you navigate the complex landscape of property tax exemptions, ensuring that you can make the most of the benefits available to you.

This content is meant for informational purposes only and is not intended to be construed as financial, tax, legal, or insurance advice.


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