New York State has made available many property tax exemptions. The number of these exemptions has increased dramatically since the 1980's. Several property tax exemptions are subject to local option. This means that the local Town, County, and School Districts must adopt participation in that particular exemption. The most common exemptions available in the Town of Cortlandville include: Agricultural Land exemption, Agricultural Building exemptions, STAR, Senior Citizens exemptions, Veterans exemption, Exemption for persons with Disabilities and Limited Incomes, and Commercial/Industrial Business exemptions.
STAR is an exemption from School taxes. Every residential property owner is eligible for a STAR exemption. It must be their primary residence.
BASIC STAR - Is an exemption for those people under 65 years old (no income requirement). The exemption equals $30,000 when the Town is assessing property at 100% of fair market value.
ENHANCED STAR - Is an exemption for those people over 65 years old with 2004 adjusted gross incomes of under $66,050. The exemption equals $50,000 when the Town is assessing property at 100% of fair market value.
SENIOR CITIZENS OR AGED
The Senior Citizens or Aged exemption is for those individuals over 65 years old with certain limited incomes. The property must be the owner's primary residence. Income is based on yearly gross incomes including Social Security, wages, interest on savings, dividends, etc. The exemption is applied to Town, County and School taxes. A qualifying property owner can receive a Senior Citizens and STAR exemption. Maximum incomes allowed for a reduction in assessed value are:
Town of Cortlandville
Cortland School District
Homer School District
McGraw School District
Dryden School District
The Veterans exemption is for those individuals who served during a specific period of war. The exemption is applied to Town and County taxes. The Veterans exemption does no apply to school taxes. The exemption equals a maximum of $6,000 in assessed value. There is an additional exemption if the individual served in a designated combat zone. The additional exemption equals a maximum of $4,000 in assessed value. Lastly, there is an additional exemption if the individual suffered a service-connected disability. This additional exemption equals a maximum of $20,000 in assessed value.