Senior Citizens Exemption

N.Y. Real Property Tax Law § 467

Authorizes any municipal corporation (county, city, town, village, or school district) to grant, by local law, ordinance, or resolution, a partial real property tax exemption of up to 50% of assessed value to owner-occupants age 65 or older whose combined income does not exceed a locally adopted limit (set between $3,000 and $50,000). Eligibility requires that the property be the owners' legal residence, occupied by the owners and used exclusively for residential purposes, with title held by an owner for at least 12 consecutive months before filing, and an application filed annually on or before the taxable status date.