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How Can I Lower My Property Taxes In New York: A Comprehensive Guide

July 31, 2023George Barrett

Property taxes are an important part of the tax system in New York. They provide revenue for state and local services, such as education and infrastructure. But with rising living costs, many people struggle to pay their property taxes each year. 

This article will explore the answer to the question “how can I lower my property taxes in New York” by utilizing various methods available at both the state and local levels.

How Can I Lower My Property Taxes In New York

The first step towards lowering your property taxes is understanding what they are based on. Property taxes are calculated using a formula that considers factors including the assessed value of your home, exemptions available to you, and any special assessments or credits applicable to your area. Knowing this information helps you understand why your bills may be higher than expected, which allows you to make informed decisions about how best to reduce them.

Finally, it’s important to take advantage of programs offered by the government that help reduce the tax burden for homeowners who qualify. For example, New York State offers an Enhanced STAR program for seniors aged 65 or older who have incomes below $86,000 per year; this program exempts all school district taxes from qualifying properties up to capped values. Additionally, numerous other exemptions and deductions could potentially decrease the amount owed in yearly property tax payments – depending on individual circumstances.

Understanding Property Tax Laws In New York

How can I lower my property taxes in New York? Property taxes are an important source of revenue for local governments in New York. Knowing the property tax laws can help to lower the amount a homeowner pays in property taxes each year. Every county and municipality has its rules about how much it charges for these taxes, so understanding those laws is key to lowering the amount owed on properties within their jurisdictions.

Several factors determine how much a taxpayer must pay in property taxes. The assessed value of the home or other real estate is one of the main determinants. Property values are typically determined by market conditions and appraisals from local authorities, with any new improvements made to the property also factoring into its overall value. This means that making renovations or upgrades to a house may increase the amount due in property taxes as well as boost its sale price when it comes time to sell. Other factors such as income level or disability status could also affect the total amount due depending on where the residence is located. 

Eligibility For Property Tax Exemptions And Credits

In addition to understanding the property tax laws, New York residents may be eligible for certain exemptions or credits to help lower their total amount due. These include:

  • senior citizen and disabled veteran exemptions, as well as homeowner’s exemption available to owners of one-to-three-family homes
  • these exemptions could result in a reduction of up to 50% off an individual’s tax bill.
  • various credit programs can provide additional savings for taxpayers who meet certain criteria, such as income level or ownership status.

By researching all applicable eligibility requirements and taking advantage of any potential deductions, homeowners can ensure they aren’t overpaying their property taxes each year in New York. 

How To Appeal A Property Tax Assessment

If property owners disagree with their assessment, they may have options to appeal and reduce their tax burden. The first step is researching local regulations and procedures, as each municipality has rules governing appeals. Individuals need to take note of any applicable deadlines or filing requirements to ensure their application is accepted promptly.

Once an individual has gathered all necessary information and documents, it’s possible to submit an appeal directly to the assessor's office or file through a formal hearing by petitioning the Board of Assessment Review (BAR). Depending on how long the process takes, taxpayers will likely receive either an approval or denial letter from the BAR within a few weeks. If granted, this could result in a reduction of assessed value and possibly lower taxes owed.

It is worth noting that appealing one’s assessment can be time-consuming and complex; however, success could lead to substantial savings over time. Knowing which steps are required and understanding potential outcomes can help homeowners better navigate the process while protecting their financial interests.

Taking Steps To Lower Your Property Taxes

The property tax system in New York can be complex and confusing. Individuals need to understand the laws, exemptions, credits, and appeals process to get the answer to their query, “how can I lower my property taxes In New York”. By familiarizing themselves with these processes and policies, individuals can determine if they are eligible for any discounts or refunds on the assessed value of their property. Several steps should be taken when attempting to lower one’s property taxes in New York State. 

With careful consideration of all aspects of lowering one’s property taxes, it may be possible to achieve some success in obtaining relief from high tax bills. Learn more about reducing property tax in New York in our Real Estate Trend resource.

George is the visionary behind NY Real Estate Trend. With over 20 years of experience in the real estate industry, he has a deep understanding of the New York market and a passion for helping others navigate it.
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