erie county real estate transactions july 2018

Manufactured homes: Manufactured homes on leased land can qualify for the senior citizens exemption. The exemption also may be allowed if the property is in trust and all the trustees or all the beneficiaries qualify. Life estates or trusts: the life tenant is entitled to possession and use of the property for the duration of his or her life and is deemed the owner for all purposes, including taxation. If granted, you would receive adjustments to your monthly maintenance fees to reflect the benefit of that exemption. You can prove ownership by submitting to the assessor a certified copy of the deed, mortgage, or other instrument by which you became owner of the property.Ĭooperative apartments: municipalities are authorized to grant the exemption to seniors who own shares in residential cooperatives. the prior residence has been sold and a replacement purchase made within one year if both residences are within the State.the property was sold by condemnation or other involuntary proceeding (except a tax sale) and another property has been acquired to replace the taken property.The period of ownership of a prior residence may be considered where: a transfer of title solely to a person(s) who maintained the property as a primary residence at the time of death of the former owner(s), provided the transfer occurs within nine months after the death of the former owner(s) and the property was receiving the senior citizens exemption as of such date.a transfer of title to the former owner(s), provided the reacquisition occurs within nine months after the initial transfer and the property was receiving the senior citizens exemption as of such date.a transfer of title to a surviving spouse from a deceased spouse either by will or operation of law.a transfer of title to one spouse from the other.In computing the 12-month period, the period of ownership is not interrupted by the following: You must own the property for at least 12 consecutive months prior to the date of filing for the senior citizens exemption, unless you received the exemption for your previous residence. Eligibility requirements Ownership eligibility When the property is owned by one or more persons, and one or more of the owners qualify for this exemption while others qualify for the Exemption for persons with disabilities, the owners have the option of choosing the more beneficial exemption. The assessor then has 30 days to decide whether the senior would have qualified for the exemption if the senior owned the property as of the deadline. When qualifying seniors buy property after the deadline, then the senior can apply up to 30 days after the purchase. Contact your assessor to see if your municipality offers these provisions. Some municipalities permit late filing in certain hardship situations or for exemption renewals. You can find contact information for your assessor in Municipal Profiles. Please confirm the date with your assessor. However, the dates vary in some cities and counties. In most communities, the deadline for submitting exemption applications is March 1. See RP-467-I, Instructions for Form RP-467 Application for Partial Tax Exemption for Real Property of Senior Citizens.įor properties within New York City, visit New York City Department of Finance: Senior Citizen Homeowner’s Exemption (SCHE). for applicants who were not required to file a federal income tax return: Form RP-467-Wkst, Income Worksheet for Senior Citizens Exemption.

for renewal applicants: Form RP-467-Rnw, Renewal Application for Partial Tax Exemption for Real Property of Senior Citizens.

for first-time applicants: Form RP-467, Application for Partial Tax Exemption for Real Property of Senior Citizens, or.

Application forms and instructionsįor properties outside of New York City, to apply or reapply for the senior citizens exemption, file the applicable form with your assessor: Under these options, qualifying seniors may receive the exemption if their income is below:Ĭheck with your local assessor for the income limits in your community.

In addition, there are three sliding-scale options that municipalities may adopt to provide a benefit to seniors with incomes greater than the local maximum. For the 50% exemption, the law allows each county, city, town, village, or school district to set the maximum income limit at any figure between $3,000 and $50,000. To qualify, seniors generally must be 65 years of age or older and meet certain income limitations and other requirements. This is accomplished by reducing the taxable assessment of the senior's home by as much as 50%. Local governments and school districts in New York State can opt to grant a reduction on the amount of property taxes paid by qualifying senior citizens. Property sales and transfer information.Learn about assessments and property taxes.Exemption for persons with disabilities.

Erie county real estate transactions july 2018