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Senior Citizens Homeowners' Exemption

Overview

T + T

Background

HISTORY

The New York State 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 seniors. In 2003 legislation was signed increasing the income eligibility levels.

WHO ADMINISTERS THE PROGRAM

The Senior Citizens Homeowners Exemption (SCHE) is administered by the New York State Department of Taxation and Finance and by local counties, towns, villages or school districts. In NYC, it is administered by the NYC Department of Finance.

Funding

The Senior Citizens Homeowners Exemption (SCHE) program is funded from tax revenues collected by the NYS Department of Taxation and Finance.

Summary of the Senior Citizens Homeowners Exemption

The Senior Citizen Homeowners’ Exemption provides a property tax exemption of up to 50% of the amount of property taxes for homeowners. To qualify for the exemption an individual must meet age, property ownership, residency, citizenship/immigration criteria, and income guidelines. In NYC, applicants apply by completing the New York City Department of Finance Homeowners Tax Benefits Application.