New York City homeowners 65 and older with combined income up to $58,399 have until March 15 to apply for or renew the senior property tax exemption

The online application for New York City’s Senior Citizen Homeowners’ Exemption, known as SCHE, has been open since September 28 and closes March 15. Homeowners 65 and older whose combined income stays at or below $58,399 can apply or renew by that date, the city Department of Finance says on its SCHE page.

The exemption does not cut the tax rate. It lowers the assessed value the city taxes, by as much as 50 percent for the lowest incomes, and the saving shows up on the bill for the tax year that begins on July 1 after the filing. A homeowner who files by March 15, 2027 is therefore looking at the tax year starting July 1, 2027…