New York's Senior Citizens Property Tax Exemption: Who Qualifies for Up to 50% Off
Older New York homeowners with modest incomes may qualify for up to 50% off their assessed value. Here's how the income limits, sliding scale and RP-467 filing work.
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Older New York homeowners with modest incomes may qualify for up to 50% off their assessed value. Here's how the income limits, sliding scale and RP-467 filing work.
Most New York towns hear assessment complaints on the fourth Tuesday in May. File Form RP-524 by that day or you lose this year's review.
NYSAR reported 35,294 New York homes for sale in September 2026, up 9.8% from a year earlier, while the statewide median price rose 5.9% to $450,000. Closed sales slipped 1.4% and mortgage rates topped 7% late in the month.
New York State charges a transfer tax of $2 per $500 of the sale price, usually paid by the seller. Buyers of homes at $1 million or more also pay a 1% mansion tax, and New York City adds its own transfer taxes.
Most New York sellers of one- to four-family homes must give buyers a signed Property Condition Disclosure Statement before the buyer signs a contract. Since March 20, 2024, the $500 credit option is gone and the form asks about flood risk.
The New York STAR credit is a yearly check or direct deposit that helps pay school taxes. The amount depends on your school district and home value. New buyers get the credit, not the old exemption, and only need to register once.
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