Support for New York City Property Owners Struggling with Taxes
New York City’s Department of Finance offers several programs to assist property owners who have a difficult time paying their property tax bills and “to ensure we do our part,” finance commissioner Jacques Jiha said, “to help those who are struggling have one less burden to deal with as we work toward economic recovery.”
Here are three programs the department has laid out for property owners.
For those who qualify, exemptions lower the amount of tax owed by reducing a property’s assessed value and abatements reduce taxes by applying credits to the amount of taxes owed.
This is an agreement between you and the Department of Finance to pay the amount you owe over time instead of paying the full amount all at once.
The department recognizes that an unexpected event or hardship (e.g. COVID-19) may make it difficult for you to pay your property taxes. If you qualify for the PT AID program, you can defer your property tax payments, or pay only a small percentage of your income, so that you can remain in your home.
The department has an online payment plan calculator to help property owners estimate how much they would pay under the various potential terms of each plan. The tool uses applicants’ information about their property and income to help make the estimate.