Birds eye view of he Village of Montour Falls and surrounding countryside. — Photo by Erik J. Holter
Qualifying Seniors Can Apply for State Property Tax Exemption
New York State Law requires all properties to be assessed at market value or a uniform lelel of assessment each year. It is no secret the real estate market rose sharply in the months and years immediately following the pandemic, but many are wondering if the effect has slowed or lessened. An analysis of sales in Schuyler County indicates that sale prices have not dipped to pre-2020 values.
The NYS Office of the State Comptroller(OSC) calculates a full value (FV) municipal tax rate by dividing the total municipal levy (general town and highway levy, plus fire protection and other special district levies, less sales tax credits) by the total full taxable value per $1,000 full valuation. The tax rate for the Village of Montour Falls and Town of Montour is viewable at http://orps1.orpts.ny.gov/cfapps/MuniPro/osc/county/oscMunitaxlevy.cfm
Local governments and school districts can grant a reduction on the amount of property taxes paid by qualifying senior citizens by reducing the taxable assessment of the senior's home by as much as 50%. To qualify, seniors must be 65 or older and meet income limitations and other requirements. 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.
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. Under these options, qualifying seniors may receive the exemption if their income is below:
$55,700 for a 20% exemption,
$57,500 for a 10% exemption, or
$58,400 for a 5% exemption.
You can find out the income levels by calling Assessor Jessica Ryan (Town of Montour) or Assessor Pat Bartholomeo (Town of Dix), 105 Ninth Street, Unit 14, Watkins Glen, at 607-535-8135. Please confirm the application deadline date with the assessor. To apply for the senior citizens exemption, you can file the applicable form with your assessor: