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PROPERTY TAX EXEMPTIONS.
By Mathew Joseph
The maxim, 'every penny counts' is true even in prosperous economic cycles. Let us discuss a few options for New York City homeowners to save money through real estate tax exemptions. Exemptions lower the amount of tax you owe by reducing your property's assessed value. If you already have an exemption, the notice of property value will show the amount of exemption you will receive for that tax year. Two common tax breaks are, Senior Citizen Tax Exemption and Veterans' Tax Exemption. Both are for owner occupied houses.
The Alternative Veterans tax exemption is available to eligible veterans of foreign wars, expeditionary medalists, veterans with honorable discharges, spouses/widow(er)s of veterans, and Gold Star parents. Applicants for the Alternative Veterans exemption must have served in one of the following conflicts: Gulf War, Iraq and Afghanistan conflicts, Vietn...
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