Senior citizens can receive property tax exemptions in the city of New York once they have reached the age of 65. Additionally, the combined income of the homeowners and their spouses must not exceed $37,399. The home should also be occupied by the senior citizens, says New York City Department of Finance. Age and income requirements for senior citizen tax exemptions vary according to city, county or state.Continue Reading
In New York City, when there is joint ownership of the property with a spouse or sibling, only one of the owners need to be the required age. It is not necessary to be age 65 before applying; however, the individual must be 65 years of age by December 31 of the application year, as noted by NYC Department of Finance.
The nature of the income extends beyond a salary, as outlined by NYC Department of Finance. It includes capital gains, Social Security income, rental income, retirement benefits and more.
In the case of joint ownership, all owners must occupy the residence except in the case of separation by divorce, abandonment or legal separation. Another exception is when one party is receiving medical treatment away from the home. In both cases, only the co-owner or the spouse should be living in the home during that period of time, as explained by NYC Department of Finance.
The application deadline for Homeowner Tax Benefits is March 15 in order to receive the benefits for July 1 of the same year, according to NYC Department of Finance. In the event that March 15 falls on the weekend, the application becomes due on the next business day.Learn more about Taxes