You can apply for benefits that can help you save on your property tax bill.
New York City and New York State offer homeowners property tax relief in the form of exemptions, abatements, and credits. Eligibility criteria for each program is different. You may qualify to receive more than one benefit.
Your property’s assessed value is one of the factors used to calculate how much property tax you owe each year. Exemptions reduce your property’s assessed value before the dollar amount of taxes owed is calculated. This reduced value, when multiplied by the tax rate, lowers the amount of taxes that you owe.
The Annual Notice of Property Value (NOPV) you receive in January lists the exemptions you are granted for the upcoming tax year and will see on your bill.
Abatements reduce your taxes after they've been calculated by applying credits to the dollar amount of taxes owed. Abatements aren’t listed on the Annual Notice of Property Value (NOPV), but any granted abatements will appear on your property tax bill. If you own a condo or are a co-op shareholder, your managing agent or board of directors will receive a tax benefit breakdown report that will reflect your abatement amount.
Credits may be applied to your taxes or be given to you as a refund check.