Zarelli provides update on partial tax exemptions for senior citizens
The Town of Halfmoon Assessor Anne Marie Zarelli, SCA, recently provided an informational update on partial tax exemptions for senior citizens, as well as the deadline for application submission.
The informational update from Zarelli is regarding RP 467 (Real Property Tax Law, section 467), which gives local governments and school districts the option of granting a reduction in the amount of property taxes paid by qualifying senior citizens. Applications for the exemption are due by 4 p.m. on Wednesday, March 1, 2023, at the Town of Halfmoon Assessor’s Office.
Zarelli noted that Saratoga County and each school district set the maximum income limit they will allow, with equalization rates applied to the maximum gross limit amount. The respective age, residency, and income qualifications are listed below. Owner eligibility requirements:
• The property must be the “legal residence” of, and must be occupied by, all of the owners of the property;
• At least one owner must be 65 by March 1, 2023;
• An individual must own the property for at least 12 consecutive months prior to the date of filing for the exemption;
• There can be no school-age children residing in the home to receive the benefit off of the school tax bill;
• The life tenant is entitled to possession and use of the property for the duration of his or her life and is deemed the owner for all purposes, including taxation. The exemption also may be allowed if the property is in trust and all
the trustees, or all the beneficiaries qualify; and
• Homes in mobile home parks are not eligible as they do not receive their own tax bill.
Last year, the Saratoga County Board of Supervisors passed a resolution adopting a higher income limit for seniors.
This new scale is only applicable to the January tax bill beginning in 2024. Under the sliding scale option, a qualifying senior can have a yearly gross income as high as each taxing jurisdiction sets as shown on the chart below:
Taxing Jurisdiction — Maximum Gross Income Limit Saratoga County — $35,700 Mechanicville School District
— $14,700
Shenendehowa School District — $37,400
Waterford-Halfmoon School District — $34,700
Gross income for 2021 will be utilized to determine eligibility. Income includes:
• All Social Security payments;
• Salary and wages (including bonuses);
• Interest (including nontaxable interest on state or local bonds), total dividends;
• Net earnings from farming, rentals, business, or profession (if any amounts have been claimed as depreciation for income tax purposes, they must be added back in);
• Income from estates or trusts;
• Gains from sales and exchanges;
• The total amount received from governmental or private retirement or pension plans;
• Annuity payments (excluding amounts representing a return of capital);
• Alimony or support money; and
• Unemployment insurance payments, disability payments, workers’ compensation, etc.
None of the taxing jurisdictions allow for medical expenses to be deducted from income.
“During this time of high inflation, everyone is feeling the pain of higher prices and a rising cost of living, especially senior citizens, many of whom are on fixed incomes. The Town of Halfmoon is committed to sharing important information on partial tax exemptions so senior citizen homeowners who may qualify can make an informed decision about their eligibility for a possible tax exemption and then apply accordingly. Our office will continue working to provide accurate, timely, and helpful information so Halfmoon senior citizens can utilize all programs available to assist them in reducing their tax burden and maximizing their savings. Individuals who qualify should apply before the upcoming March 1 deadline,” Zarelli said.
Zarelli added that renewal applications were sent out in December for anyone already on this program. All renewal applications and tax returns require signatures from all owners and their spouses. If any person believes they qualify for this exemption, they should either visit the Town of Halfmoon Tax Assessor’s office or call (518) 371-7410 ext. 2244.