Taxes
Real Property Tax Credit
The "Circuit Breaker," New York State's income tax credit program for eligible homeowners and renters, helps elderly and moderate income homeowners and renters who pay a disproportionate amount of property tax in relation to their household income. It works like a rebate for real property taxes. File New York State income tax form IT-214 for the credit/rebate, which is available through the Department of Taxation and Finance or local office for the aging. To inquire about this program and to find out if you are eligible, contact your local office for the aging.
Other programs and credits that assist New York's elders in keeping their tax liabilities within acceptable levels, especially when living on fixed incomes, include:
Local Real Property Tax Exemption
Homeowners age 65 and older may reduce their real property tax. Each locality sets its own maximum income standard (within limits set by law) at or below which an elder property owner can qualify yearly for exemption. Contact your local assessor.
Persons with disabilities may also qualify for an exemption (even if they are younger than 65), but a person cannot receive both for the same municipal tax purpose. They can, however, receive other exemptions, such as those for School Tax Relief (STAR), veterans, etc. Check with assessors or clerks of your local governments and school district to determine if you have options. Your assessor's number can be found in the "blue pages" of your phone book.
School Tax Relief (STAR)
Eligible homeowners can receive a significant exemption on the taxable value of their homes, resulting in considerable school property tax savings. Ask your local assessor about STAR and Enhanced STAR or log on to http://www.orps.state.ny.us/star/
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