Homestead Act Example In Nassau
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You must own the property and have an equity interest in it. This includes houses, condominiums, co-ops, and mobile homes. Your home equity must fall within the exemption limits for your county: $179,950 for the counties of Kings, Queens, New York, Bronx, Richmond, Nassau, Suffolk, Rockland, Westchester, and Putnam.
In Nassau County, the exemption equals 10% of the assessed value of the property.
Specifically, homestead laws allow individuals to declare a portion of their property as "homestead" and therefore protected from a forced sale. Under New York's homestead protection law, the amount property owners may declare exempt varies based on county location and range from $75,000 to $150,000.
In order to qualify for tax exemptions, all owners of the property must be 65 years of age or older, or if owned by a married couple, one must be 65 years of age or older.
If you purchased property that is your permanent residence in calendar year 2024 (or before), you may file for the 2025 Homestead Exemption through March 1, 2025. This exemption will be reflected on your Notice of Proposed Property Taxes we send out in mid-August 2025.
The easiest way to lower your assessment is to apply for a STAR exemption. STAR is New York State's School Tax Relief Program that includes a school property tax rebate program and a partial property tax exemption from school taxes.
Eligibility for the Homestead Exemption: To be eligible for the Homestead Exemption in New York, you must meet the following criteria: The property must be your primary residence. You must own the property and have an equity interest in it. Your home equity must fall within the exemption limits for your county:
Estimated Reduction in Assessed Value New York State sets the rates for the Senior Citizen Homeowners' Exemption (SCHE) and the Disabled Homeowners' Exemption (DHE). SCHE and DHE provide an estimated reduction of 5 to 50% of an eligible property's assessed value.
A homestead is a dwelling that a person uses as their primary residence, whether it is a single-family home, farm home, condo, or mobile home. Your vacation home, condo, or apartment, where you spend weekends or other shorter periods, would not qualify as a homestead.
