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Residents Reminded of Tax Exemptions Deadline

Town of Oyster Bay's application period ends Jan. 2.

Town of Oyster Bay receiver James Stefanich issued a statement reminding homeowners of the Jan. 2 deadline for filing for tax exemptions.

"Homeowners wishing to receive exemptions on their 2013-2014 school and 2014 general taxes must file with the Nassau County Department of Assessment," Stefanich said.

Exemptions are available to eligible residents in the following categories:

  • Basic STAR (New York State School Tax Relief) program provides an exemption from school property taxes for owner-occupied, primary residences with an annual household income of $500,000 or less. Section 425 of the Real Property Tax Law authorizes this State-financed exemption.
  • Enhanced STAR (New York State School Tax Relief) Exemption is available to senior citizen homeowners who are 65 years of age or older during the year in whichthe exemption takes effect, and whose annual income does not exceed $79,050. Senior citizens whose annual income exceeds $79,050 will still be eligible for the Basic STAR exemption.
  • Senior Citizen Exemption provides a tax savings for individuals over the age of 65, whose income is less than $37,400. To participate and receive this tax savings (between 5% and up to 50% reduction on certain county, town and school districtproperty taxes) specific qualification criteria must be met.
  • Veterans Exemption is for those individuals who rendered service to their countryduring wartime. This exemption applies to county and town taxes, but not school or special district taxes. The eligibility to receive this exemption and amount to be exempted depends upon the time, duration and type of service, along with other criteria.
  • Cold War Veterans Exemption is for veterans who served during the Cold War period. The law also provides an additional exemption to disabled veterans. This exemption applies to county and town taxes, but not school or special district taxes.
  • Gold Star Parent Exemption is available for the parent of a child who died in the line of duty while serving in the United States Armed Forces during a period of war, as defined in NYS Real Property Tax Law.
  • Physically Disabled Tax Reduction Program for Home Improvements is granted to those persons who are physically disabled and meet the criteria. It is equal to the amount of any increase in value of property attributable to improvements made for the purpose of facilitating and accommodating the use and accessibility of the property.
  • Partial Exemption for Persons With Disabilities and Limited Income is available to eligible applicants who have a physical or mental impairment, not due to current use of alcohol or illegal drug use, that substantially limits that person's ability to engage in one or more major life activities, such as caring for one's self, performing manual tasks, walking, seeing, hearing, speaking, breathing, learning or working. The requirements to qualify are based on the person's disability, ownership, residency and occupancy status, and income. Persons with incomes less than $37,400 can qualify to receive an exemption from 5% to 50%.
  • Home Improvement Exemption is an eight-year decreasing exemption on alterations, reconstructions or improvements that increase the assessed value of a one- or two-family home. In the first year, 100 percent of the assessed value of the improvement is exempt. In the second year, 87.5 percent, in the third year, 75 percent and so on. Certain eligibility requirements must be met to participate in this program.
  • First-Time Home Buyers may apply for and receive a partial real property taxexemption. The maximum exemption is offered over five years, starting with a 50 percent exemption the first year and phasing to 10 percent in the fifth and final year. Homebuyers are subject to certain price and income limits set by the State of New York Mortgage Agency (SONYMA).
  • Volunteer Firefighter and Ambulance Worker Exemption is available to eligible firefighters and ambulance workers. Up to 10 percent reduction in the assessed value of their property can be obtained to volunteers who have served at least five years in a Town of Oyster Bay Fire Department in which they reside. Certain eligibility requirements must be met to participate in this program.

For more information, call the Nassau County Department of Assessment at 516-571-1500.

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