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.