A Guide to the NYS Property Tax Relief
The statewide average property tax rate in New York State is around 1.69%. New York City has a lower property tax than the rest of New York State, with its property tax rate around 0.88%.
There are ways you can reduce your property taxes, such as the NYS property tax relief. By following our guide, you’ll learn how to lower your property taxes without a hitch!
Understanding Property Tax
Local governments usually calculate property taxes while homeowners pay them. The sum made from property taxes is commonly used to fund local projects and services like fire departments, law enforcement, local public recreation, and educational facilities. The taxes are mostly based on the value of the property, including land.
Calculating the NYS Property Tax by Yourself
If you want to calculate the NYS property tax on your own, you can do it by following the four steps provided below. Keep in mind that it’s always best to have an assessor evaluate your property to make sure there aren’t any errors or inaccuracies.
To estimate your annual property tax, you should calculate the taxable value of your property and the ongoing tax rate for the tax class of your property. This is how to calculate your NYS property tax in four steps:
- Determine market value—Market value is your property’s worth determined by the Department of Finance based on your property’s tax class and the New York State law requirements
- Determine assessed value—Your assessed value (the level of assessment or assessment ratio) is based on a percentage of your market value and depends on your tax class
- Determine transitional assessed value—The law requires that the lower number is used (your actual assessed value or transitional assessed value) to get to your property tax bill
- Apply for exemptions—The Department of Finance provides a number of benefits for property owners through exemptions and abatements. Exemptions reduce the amount of tax you owe by lowering your property’s assessed value, while abatements serve as a way to lower your taxes by applying credits to the sum of the taxes you owe
Ways To Lower Property Taxes—New York State Property Tax Relief
We can provide you with several methods that can help you pay your property taxes or lower them!
Avoid all home renovation projects
|Avoid any home renovation project to ensure that the price of your home value and property tax bill doesn’t increase|
Check if your tax bill contains any inaccuracies
|Bills often have mistakes and errors, so double-check to make sure yours doesn’t|
Participate when the assessor is estimating your property
|Make sure that your assessor is doing a good job to avoid any mishaps|
Check whether you qualify for a property tax exemption
|New York State offers several property tax exemption programs, so check if you’re eligible for any of them|
Appeal your tax bill
|Use DoNotPay to appeal property tax assessments easily|
Common NYS Property Tax Exemptions—Star Property Tax Relief
Some of the usual property tax exemptions in New York State are:
- STAR (School Tax Relief)
- Senior citizens exemption
Star Property Tax Relief
The School Tax Relief (STAR) program provides property tax relief to New York State homeowners who meet the eligibility requirements.
To be eligible for the Basic STAR or Enhanced STAR tax relief with the NYC Department of Finance, you will have to meet certain requirements. The rules state that you:
- Own the property and have received STAR in 2015-16 but lost the benefit, and now your income is $250,000 or less
- Receive Basic STAR at the moment and want to apply for Enhanced STAR
- Are 65 or older in the calendar year when you apply
All homeowners and resident spouses/domestic partners should have a total income under $90,550 to qualify.
Property Tax Relief for Seniors
Property tax relief for seniors includes a reduction in the amount of property taxes by as much as 50%. Some of the requirements you will have to meet:
- Being 65 years of age or older
- Fulfilling certain income limitations
The law in New York State lets every county, city, town, village, and school district set the income limit anywhere between $3,000 and $29,000 for the 50% exemption. The maximum income limit for properties in New York City is $50,000.
Reduce NYS Property Taxes With DoNotPay in Three Steps!
DoNotPay can help you find the property tax exemptions you’re eligible for and provide you with a simple guide to follow! Here is how it works:
- Go to DoNotPay from any web browser
- Tap on the Property Tax feature
- Give us information regarding your property
Once you are done with these steps, DoNotPay will provide you with a personalized guide for property tax reduction.
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