Homestead Exemption in New York
State-specific overview · Property & Real Estate
New York offers a $75,000 homestead exemption that protects primary residences from judgment creditors but not mortgage lenders.
How New York treats Homestead Exemption
New York's homestead exemption shields up to $75,000 of equity in a primary residence from judgment creditors and unsecured debts. The exemption does not protect against mortgage foreclosure, property tax liens, or mechanic's liens for home repairs. You must file a homestead declaration in the county where the property is located; the exemption applies automatically upon filing and remains in effect until you sell the property or file a termination notice. The $75,000 threshold applies statewide regardless of location or property value.
The general definition of Homestead Exemption
A legal protection that shields a primary residence from creditors' claims up to a certain value.
A homestead exemption is a law that protects your home from being seized to pay debts. When you claim a homestead exemption, a portion of your home's value becomes off-limits to creditors, even if you file for bankruptcy or lose a lawsuit. The amount protected varies by state, and you typically must file a declaration to activate the protection.
Read the full Homestead Exemption entry →This page is a plain-English reference and is not legal advice. State laws change frequently. For specific situations consult a licensed attorney in New York.