I am buying house from a senior citizen. Currently she is getting tax exemption on real estate tax. I am not eligible for such exemption.
What happens to tax exemption after title transfer?
Most of the enhancements will go away, like income taxes they are tied tied to the individual status of the filer (e.g., over 65, blind, veteran, etc.). The "enhanced STAR" reduction on school taxes will go away, you have to file for this and prove you're a senior citizen. You will get the basic STAR. In New York State, usually only school taxes get exemptions, usually town/county/city taxes don't. Check with your city treasurers or appraisers office. Lastly, the exemption would generally be figured for the year based on the "taxable status day" (usually March 1st), so your taxes would not immediately go up or be prorated for the year based on losing the exemption after closing (pretty sure, check with the assessor/treasurer on this without mentioning your name or tax map parcel ID).