Property Tax Relief Credit

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State

New York

Year

2017

Variations in Receipt of Benefit

Benefit Varies with Income

Benefit Type

Credit

Benefit

In the initial year of this program, tax year 2016 filed in 2017, this credit is a flat credit. For residents in the metropolitan commuter transportation district the credit is $130 and for residents outside the district it is $185. Future credits are phased in, based on a percentage of the STAR exemption savings or credit, with the percentage declining with increased income. This program is phased in between 2017 and 2019. It replaces the Property Tax Freeze Credit. For the enhanced STAR program for those seniors who are eligible for the enhanced STAR, the additional credit is a flat percentage of the savings. The percentage increases as the program is phased in.

How is Benefit Disbursed

Direct payment to taxpayer

Eligible Property Type

Residential

Characteristics of Eligible Property

The property must be the primary residence of the claimant.

Eligibility Criteria

Age

Homeowner

Income Ceiling

Principal Residence

Surviving Spouse

Other Criteria

Description of Eligibility Criteria

To be eligible for the credit, the property must be located in a school district that has not exceeded the applicable tax levy limit. Homeowner must be receiving the exemption or credit under the state STAR program. The combined income of the owners cannot exceed $275,000. This credit is not available for property located in New York City.

Local Option in Adoption of Program

Local government is unable to exercise an option

Local Option Regarding Program Features

No local option regarding program features

Description of State Funding for Tax Loss

This program is funded entirely by the state, through the state income tax.

Record ID

NY114_RR17

Footnotes

This program is phased in between 2017 and 2019. It replaces the Property Tax Freeze Credit. The metropolitan commuter transportation district includes New York City, and the counties of Rockland, Nassau, Suffolk, Orange, Putnam, Dutchess, and Westchester. Income eligibility is determined based on the income tax returns filed for the tax year two years prior.

Sources

N.Y. Tax Law §606(n-1) (in effect for 2017)
New York State Department of Taxation and Finance, Property Tax Relief Credit, (2017)
[https://www.tax.ny.gov/pit/property/property-tax-relief.htm Accessed 05/25/2017]
View Archived Source

New York State Department of Taxation and Finance, Property Tax Credit Lookup, (2017)
[https://www.tax.ny.gov/pit/property/credit-lookup.htm accessed 07/18/2018]
View Archived Source
2015 N.Y. Laws ch. 20 Part C, subpart B

To reference this webpage/table, please use the following citation:

Significant Features of the Property Tax. https://www.lincolninst.edu/residential-tax-relief/property-tax-relief-credit-new-york-2017 Lincoln Institute of Land Policy and George Washington Institute of Public Policy. (Property Tax Relief Credit; accessed: 04/25/2024 04:22:06 AM)

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