To reduce the homeowners' property tax burden, there are various property tax relief programs available in every state. Of course, certain criteria must be met to qualify for the various property tax relief programs.
For New York, the following property tax relief programs are available:
- Property tax relief credit- to qualify, you must reside in a school district
complying with their state property tax cap, have income less or equal to
$275,000, have paid the 2017 school property taxes, and have received the
Enhanced STAR or Basic STAR credit or exemption.
- Basic STAR recipients- recipients who are eligible for this credit will gain
a Basic STAR savings' percentage according to income. Also, there are
- New York City enhanced real
property tax credit-
this is for households with a gross income lower than $200,000. Also, you
must have resided in the same residence of New York City for at least six
months, must be a resident of New York City for an entire tax year, can't
be claimed as a taxpayer's dependent on his/her federal income tax return,
had a residence not completely exempted by real property taxes, and meet
other conditions as a renter or homeowner. The Form NYC-208 has more
details about this tax credit.
- Property tax exemptions- besides the STAR program, other common property tax exemptions for New York include the senior citizens exemption, veterans' exemption, exemption for persons with disabilities, and exemptions for agricultural properties. There are a lot more property tax exemptions than these mentioned.
The following are other property tax relief programs which apply to every state, including New York:
- Homestead exemption- property taxes are reduced on normally a principal
residence through excluding a part of the property value from taxes.
breaker programs- contracting with traditional
homestead exemption through a variable, such as property value or household
income, the eligible resident is someone who's property tax exceeds a
certain level of his/her income.
- Expenditure limit- a ceiling is placed on how much the local government
can generate in revenue.
- A Limit on the assessed value/the tax rate- is set in place when the value/tax rate is increased in a given year.