Hempstead Town has enacted a senior property tax reduction program for eligible senior residents, which reduces county, town, and school taxes with assessment reductions of up to 50%. Under the guidelines, the Town of Hempstead has set the maximum income limit allowed by New York State at $58,399 for the income tax year immediately preceding the inspection application date. The term "income tax year" means the 12-month period for which the owner or owners filed a federal personal income tax return, or if no such return is filed, the calendar year. Where title is vested in a married person, the combined income of such person and such person's spouse may not exceed such sum, except where one spouse or ex spouse is absent from the residence due to divorce, legal separation or abandonment. Additionally, if a spouse is absent from the residence while receiving heath related care as an in-patient of a residential health care facility, then the income of such person shall only be considered income to the extent that it exceeds the cost of care in the facility.
Income for purposes of this exemption is the income of all owners and their spouses as represented by their combined Federal AGI as reported in the previous income year:
- Plus any tax-exempt interest or dividends that were excluded from the applicant’s AGI;
- Less any IRA and Individual Retirement Annuity distributions that were included in the applicant’s AGI;
- Less medical and prescription drug expenses actually paid, that were not reimbursed or paid for by insurance;
- Less any net loss reported on Fed Schedule C (depreciation), D (capital loss), E (self-employment loss), F (loss from farming); and net amount of any other separate category of loss; is limited to $3,000 per schedule, not to exceed $15,000 total.
If no such return was filed for the previous income tax year, the applicant’s income shall be determined based on the amounts that would have been so reported if such return had been filed.
In order to qualify for tax exemptions, all owners of the property must be 65 years of age or older, or if owned by a married couple, one must be 65 years of age or older. The applicant must own the property and have owned the property for at least 12 consecutive months, or have owned a previous residence in New York State for one year prior to filing for this exemption. Senior citizens must file an application each year in order to keep the exemption. However, after receiving the exemption for five consecutive years, a qualifying senior will only need to file an affidavit to renew the exemption.
Depending on the income level of all owners, an exemption between 5% and 50% of school, county, and town taxes may be granted to qualifying applicants. The following outlines disability/limited income limits and their corresponding exemptions:
|$50,000 or Less||50%|
|$50,001 to $50,999||45%|
|$51,000 to $51,999||40%|
|$52,000 to $52,999||35%|
|$53,000 to $53,899||30%|
|$53,900 to $54,799||25%|
|$54,800 to $55,699||20%|
|$55,700 to $56,599||15%|
|$56,600 to $57,499||10%|
|$57,500 to $58,399||5%|
Applications must be filed by January 2, 2024, with the Nassau County Department of Assessment located at:
240 Old Country Road, 4th Floor
Mineola, NY 11501