Local Option Property Tax Deferral (PTAID)

State

New York

Year

2022

Variations in Receipt of Benefit

No Variation in Receipt of Benefits

Benefit Type

Deferral

Benefit

Applicants may defer all or part of their property taxes. The amount of taxes deferred may not exceed 25% of the applicant's equity in a 1-, 2-, or 3- family home or 50% of their equity in a condominium unit.

How is Benefit Disbursed

Other

Eligible Property Type

Residential

Characteristics of Eligible Property

Property must be a residential 1- to 3- family home or condominium.

Eligibility Criteria

Age

Disability

Homeowner

Income Ceiling

Principal Residence

Surviving Spouse

Other Criteria

Description of Eligibility Criteria

There are three different plans for which an applicant may be eligible. Regardless of which plan they apply for, the applicant must own a 1- to 3- unit class 1 residential property or condominium that has been their primary residence for at least 1 year and have a federal adjusted gross income of $86,400 or less. For the Fixed-Term, Income-Based plan, there are no additional qualification requirements. For the Low-Income Senior plan, the applicant must be 65 years old or older. For the Extenuating Circumstances Income-Based plan, the applicant must have extenuating circumstances such as death or serious illness, loss of income, or be enrolled in New York City’s Water Debt Assistance Program. Surviving spouses may enter into separate installment agreements if they meet the qualification requirements for the program.

Local Option in Adoption of Program

Local government must take action to opt in

Local Option Regarding Program Features

Local option regarding program features

Record ID

NY123_RR22

Footnotes

Applicants must complete an application and re-certify annually. Unpaid debt accrues interest at a rate of 4%. In the event of the death of the participant, their surviving spouse must pay deferred taxes within 18 months or enter into a separate installment agreements. Taxes and interest become due and payable upon the expiration of the installment agreement, the death of the participant, a change of residence, or if the applicant goes into default and does not settle the default before the tax sale date.

Sources

New York City Administrative Code § 11-322.1
New York City, Department of Finance, Fact Sheet Property Tax and Interest Deferral
[https://www.nyc.gov/assets/finance/downloads/pdf/ptaid/ptaid-infosheet.pdf Accessed 03/09/2023]
View Archived Source

New York City, Department of Finance, Renewal and Change Form
[https://www.nyc.gov/assets/finance/downloads/pdf/ptaid/ptaid-renewal-change-form.pdf Accessed 03/09/2023]
View Archived Source

New York City, Department of Finance, Property Tax Payment Agreement Application
[https://www.nyc.gov/assets/finance/downloads/pdf/lien_sale/agreement_and_checklist.pdf Accessed 03/09/2023]
View Archived Source

New York City, Department of Finance, The New York City Property Tax and Interest Deferral Program Brochure
[https://www.nyc.gov/site/finance/taxes/pt-aid.page Accessed 03/09/23]
View Archived Source

New York City, Department of Finance, Property Tax and Interest Deferral (PTAID) Program, Frequently Asked Questions
[https://www.nyc.gov/assets/finance/downloads/pdf/ptaid/ptaid-faq.pdf Accessed 03/09/2023]
View Archived Source
New York City, Department of Finance, Property Tax and Interest Deferral (PTAID) Program
[https://www.nyc.gov/site/finance/taxes/pt-aid.page Accessed 03/09/2023]
View Archived Source

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