Property tax increases can often fiscally burden New York City homeowners. Properties are assessed for tax value each year by the Department of Finance. What many home, condo, and apartment owners do not realize is that the Department of Finance also runs various tax relief programs to lessen the financial strain on taxpayers.
Common groups eligible for property tax relief are citizens aged 65 and older, people with disabilities, and veterans. However, there are also exemptions for homeowners that do not fit into these categories. The STAR program is a popular exemption administered through the Department of Finance. Eligibility for this exemption includes property owners earning under $500,000 that occupy their residence more than 6 months each year. On average, people who file for this exemption save at least $200 a year in property taxes. Most of the relief programs allocate a percentage of tax relief based upon the homeowner’s income.
“These programs are designed to give real fiscal relief to those who need it most,” the Assemblyman stated, “Many property owners are eligible to save hundreds of dollars each year in taxes.”
The filing deadline for several of these programs is March 15, 2011. City homeowners interested in assessing their eligibility can review the Department of Finance website or call 311.