Application for Real Property Tax Exemption for Residential - tax ny: Fill out & sign online

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Click ‘Get Form’ to open it in the editor.
Begin by entering the name of the owner(s) and the contact person. Fill in the mailing address, daytime and evening phone numbers, and an optional email address.
Provide the location of the property, including street address, village (if applicable), city/town, school district, and property identification details such as tax map number.
In the description section, indicate whether you are applying for exemption due to conversion, new construction, modernization, rehabilitation, or expansion. Include square footage and total project cost.
Detail the primary use of the property and any other uses. Specify if any part of the project includes residential units in a hotel.
If applicable, disclose any other exemptions received by answering yes or no. If yes, provide details about those exemptions.
Complete the certification section by signing and dating your application before submission.

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What is the senior exemption for property taxes in NY?

The Senior Citizen Homeowners Exemption (SCHE) provides a reduction of 5 to 50% on New York Citys real property tax to seniors age 65 and older. To be eligible for SCHE, you must be 65 or older, earn no more than $58,399 for the last calendar year, and the property must be your primary residence.

What is NYS form RP-467?

Real Property Tax Law, section 467, gives local governments and public school districts the option of granting a reduction in the amount of property taxes paid by qualifying senior citizens. To qualify, seniors must be 65 years of age or older, meet certain income limitations, and other requirements.

At what age do you stop paying property tax in NYS?

To qualify for an exemption that begins on July 1, you must be 65 or older by the following December 31.

What is the tax exemption applicable to a primary residence?

Under current IRS rules, individuals can exclude up to $250,000 of profit from the sale of their primary residence. However, married couples filing jointly can exclude up to $500,000. This means you could sell your home at a substantial profit without any federal capital gains tax.

How do I apply for property tax exemption in NY?

Exemption applications must be filed with your local assessors office. See our Municipal Profiles for your local assessors mailing address. Do not file any exemption applications with the NYS Department of Taxation and Finance or with the Office of Real Property Tax Services.