Raises income limits for seniors, disabled
The Philipstown Town Board on Feb. 6 approved expanded property tax exemptions for elderly and disabled residents by raising the income limits for the first time in 16 years.
Residents who are age 65 and older or disabled with annual incomes below $50,000 will be eligible for a tax exemption on 50 percent of their homes’ assessed value. The exemption decreases on a sliding scale that tops out at $58,399, where the tax break is 5 percent.
A qualifying owner with an income below $50,000 and a property with an assessed value of $200,000 would save $347 on their annual bill, based on the 2025 tax rate.
Under the previous scale, adopted in 2009, seniors and disabled property owners had to earn less than $29,000 annually to qualify for the 50 percent exemption or less than $37,400 for 5 percent.
