Property Tax Relief Credit

State

New York

Year

2018

Variations in Receipt of Benefit

Benefit Varies with Income

Other Variation in Receipt of Benefits

Benefit Type

Credit

Benefit

Credit is available for eligible residents in districts that complied with the state property tax cap. Credits are based on a percentage of the STAR exemption credit, with the percentage declining with increased income. There are four brackets and the percentages increase in each program year. For 2019 tax relief, for those with 2017 income $75,000 or less, the credit is 85% and for those in the highest income bracket, $200,000 and $275,000, the credit is 10.5%. For 2018 tax relief, for those with 2016 income $75,000 or less, the credit is 60% and for those in the highest income bracket, $200,000 and $275,000, the credit is 7.5%. For those in the enhanced STAR program the credit is based on a single percentage, regardless of income: The credit for 2019 property tax relief is 34% of the savings. The credit for 2018 property tax relief is 26% of the savings.

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 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_RR18

Footnotes

This program is effective for tax years 2016-2019. It replaces the Property Tax Freeze Credit. For senior homeowners, the credit is a flat percentage of the enhanced STAR credit or exemption. The credit cannot exceed your school district taxes. 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 2018)
New York State Department of Taxation and Finance, Property Tax Relief Credit Amounts (2019)
[https://www.tax.ny.gov/pit/property/ptrf-addinfo.htm Accessed 04/09/2019]
View Archived Source

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 02/11/2019]
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 02/11/2019]
[https://www.lincolninst.edu/sites/default/files/gwipp/upload/sources/New%20York/2017/NY_Property_Tax_Credit_Lookup_Department_of_Taxation_and_Finance_2017.pdf

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