Property Tax Exemption for Senior Citizens

New York State Real Property Tax Law – Section 467

Section 467 of the New York State Real Property Tax Law allows local governments and school districts to offer a property tax exemption to qualifying senior citizens by reducing the taxable value of their primary residence.

🔹 What Does the Exemption Provide?

Eligible senior citizens may receive up to a 50% reduction in the assessed value of their residential property, depending on income and local policies.

• Localities (counties, cities, towns, villages, and school districts) may adopt the exemption and set income limits between $3,000 and $50,000 for the full 50% exemption.

🔹 Sliding-Scale Options

If your income is slightly above the local maximum, you may still qualify for a partial exemption under one of three optional sliding scales, IF YOUR LOCALITY HAS ADOPTED THEM:

🔹 Who is Eligible?

To qualify, you must:

• Be 65 years of age or older by December 31 of the year before the exemption takes effect.

• Own and reside in the property as your primary residence.

• Meet income limitations set by your local government or school district.

• Submit a timely application to your local assessor’s office.

🔹 What Counts as Income?

Income is based on your Federal Adjusted Gross Income (FAGI) as reported on your most recent tax return, with adjustments:

Included in Income:

• Social Security benefits not included in FAGI (unless your locality opts to exclude them).

• Tax-exempt interest and dividends.

• Other standard taxable income sources.

Not Included in Income (unless opted in by locality):

• IRA distributions that are included in FAGI.

Limits on Claimed Losses:

• No more than $3,000 can be claimed for any single category of loss (e.g., Schedule C, D, E, F).

• The total of all claimed losses cannot exceed $15,000.

🔹 How to Apply

1. Contact your local assessor’s office to find out:

   • Whether your municipality or school district offers this exemption.

   • What income limits and sliding scales are in effect.

   • Which deductions are allowed locally.

2. Submit an application with proof of income by the filing deadline, March 1st. (See Below)

Senior Citizens Exemption

Senior Citizens Exemption Renewal

🔹 Important Notes

• This exemption cannot be combined with the Persons with Disabilities exemption (Section 459-c) for the same tax purpose.

• You may still qualify for other exemptions, such as:

  • STAR (School Tax Relief)

  • Veterans' Exemptions

  • Other local or state-specific property tax programs.

*Denotes those taxing jurisdictions that have extended age limit to allow individuals who are 64 years of age by taxable status date and who will be 65 by December 31st of the same year