Senior Citizen Homeowners’ Exemption (SCHE)
For homeowners aged 65 and older, New York State offers the Senior Citizen Homeowners’ Exemption (SCHE), which can significantly reduce property taxes. However, eligibility for this exemption is based not only on age but also on income requirements.
Eligibility Requirements for SCHE
To qualify for the SCHE, the following criteria must be met:
- Age: You must be at least 65 years old on or before December 31 of the year you apply.
- Income: Your income must be below a certain threshold, which varies by county and city. Generally, the combined income of all household members must not exceed a set limit, which is adjusted annually for inflation.
- Ownership and Occupancy: The property must be your primary residence, and you must own the home. If you own multiple properties, only the one you live in qualifies.
Benefits of SCHE
The SCHE provides an exemption from a portion of your property taxes, reducing the taxable value of your home. The exemption amount varies depending on your income and the location of your property. For example, in New York City, seniors may qualify for a reduction of up to 50% of their property taxes.
Enhanced STAR Program
In addition to SCHE, seniors who are 65 and older may also qualify for the Enhanced School Tax Relief (STAR) program. This program provides additional savings by offering a rebate check to qualifying homeowners, reducing school district taxes. To be eligible for the Enhanced STAR program, seniors must meet income eligibility limits and apply annually.
When Do You Stop Paying Property Taxes?
While SCHE and the Enhanced STAR program can provide significant tax relief, they do not eliminate property taxes entirely. Seniors will still need to pay taxes on their home, but the exemptions help lower the amount owed. There is no set age at which you stop paying property taxes entirely; the exemptions simply reduce the burden.
