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A new law is in effect in 2014 stating that estates exceeding $2,062,500 are subject to estate tax in fiscal year 2014-2015, with a top rate of 16%. Each fiscal year, the exemption will rise by $1,062,500 each April 1 until it reaches $5,250,000 in 2017. Starting Jan. 1, 2019, it will be indexed to the federal exemption then in place. There is no inheritance tax.\n
New York State law gives local governments and public-school districts the option of granting a reduction on the amount of property taxes paid by qualifying senior citizens by reducing the assessed value of residential property owned by seniors by 50%. To qualify, seniors must be 65 or older and meet certain income limitations and other requirements. For the 50% exemption, the law allows each county, city, town, village or school district to set the maximum income limit between $3,000 and $29,000. Under the so-called sliding-scale option, localities may also grant an exemption of less than 50% to senior citizens with yearly incomes between $29,000 and $37,399.99.\n\nThere is also an Enhanced STAR program for seniors. The Enhanced STAR exemption is available for the primary residences of senior citizens (age 65 and older) with annual household incomes not exceeding the statewide standard. Combined income must be $81,900 or less for 2014. For qualifying senior citizens, the Enhanced STAR program exempts the first $63,300 (for 2013-14 school tax bills) of the full value of their home from school property taxes.\nYou may qualify for a state income tax credit of up to $375 if at least one member of the household is 65 or older, household gross income is $18,000 or less, and you pay either property taxes or rent.
For more detailed tax information from Kiplinger, visit www.kiplinger.com/tool/retirement/T055-S001-state-by-state-guide-to-taxes-on-retirees/
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