When you receive an exemption, all or part of your property's assessed value is subtracted before calculating the taxes owed. Properties that pay no taxes are wholly exempt. Properties which pay some, but not all taxes are partially exempt.
Some exemptions are local-option.
That means the county, town, city, school district and village can decide whether to grant those exemptions or can set their own eligibility standards. The most common exemptions are veterans' and senior citizens' exemptions. They are partial exemptions. They do not apply to all taxes. Veterans Exemptions Veterans' exemptions apply to county, town or city, and highway taxes, but not to school or special district taxes.