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Monday, September 01, 2014
The Most Common Real Property Tax Exemptions
There are over 400 property tax exemptions in New York State. When exemptions are applied, their effect is to reduce the taxable value of assessed Real Property. This is generally calculated by taking the total assessed value of a property and deducting the value of the exemption. The resulting difference is the taxable value which is what the tax rates are applied to. This illustrates how exemptions can reduce a taxpayers property tax burden. However, the more exemptions that exist, the more the tax burden is shifted to taxpayers without exemptions. With New York State ranking as one of the most highly taxed states in the country, this can have a more profound affect on those taxpayers without exemptions.
There are over 400 property tax exemptions in New York State. When exemptions are applied, their effect is to reduce the taxable value of assessed Real Estate.
All owners of one, two, or three family homes as well as condominiums, manufactured homes and farm residences are eligible for the exemption. The program has two components outlined below:
Agricultural land located in a designated agricultural district and used for agricultural production is eligible for this exemption provided all other stipulations are met. These include property use and certification requirements as well as filing requirements.
The Alternative Veteran’s Exemption provides a property tax exemption of 15% of assessed value to veteran homeowner’s who served during wartime and an additional 10% to those who served in a combat zone. There is an additional exemption for disabled veterans that is equal to one half of their service connected disability rating.
Owners of a primary residence that are over 65 years of age and have limited incomes may be eligible for this exemption. The amount of the exemption varies by municipality and income level of the applicant. The income of all the owners of a property are included in the calculation of income and the exemption amount is further defined on a sliding scale basis.
Property owners with disabilities and with limited incomes may be eligible for the Disabled Exemption when they can document evidence of their disability. The amount of the exemption varies by municipality and income level of the applicant. The income of all the owners of a property are included in the calculation of income (with the exception of husband and wife where only one spouse is disabled) and the exemption amount is further defined on a sliding scale basis.
While having tax exemptions shift the tax burden to parcels without exemptions, the main purpose is to reduce the burden on property owners, within defined income ranges, on their primary residence. Many exemptions require annual renewal while others require application only upon property transfer as is the case with the Basic Star exemption. Some exemptions have income thresholds while still others require supporting documents. Each exemption has varying requirements. If applying for exemptions, you should consult with your local assessor as they are the ones that receive and approve exemptions. The renewal deadline for exemptions is Feb. 1st in the city of Auburn and March 1st in the outlying towns and villages.