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NYC Tax Relief - from Crain's NY

Posted By Robert Treuber, Wednesday, March 25, 2020
Updated: Wednesday, March 25, 2020

 

Property owners can defer or pay fractions of taxes amid crisis

 

Gwen Everett

Crain’s NY Business

March 25, 2020

 

The City’s Department of Finance is offering property owners facing financial hardship the ability to defer or pay a small percentage of their property taxes.

The program, which offers three different payment plans, allows property owners to defer paying as much of 25% of the equity on a one to three family home, and 50% of the equity on a condominium, according to the Department of Finance.

It’s one of a series of public programs officials have announced in the past week to provide relief to people who fear losing their homes from the economic fallout of the Covid-19 crisis. Many of those programs have happened at the state level — New York issued a directive to waive mortgage payments for 90 days, and a freeze on foreclosures and evictions for 90 days. But this program also applies to New York City residents. 

“These are unprecedented times for New Yorkers, many of whom now find themselves struggling to make ends meet,” said Department of Finance Commissioner Jacques Jiha. “Through our programs, DOF hopes to ensure we do our part to help those who are struggling have one less burden to deal with as we work toward economic recovery.”

One payment plan for seniors allows those homeowners to partially or fully defer payments on late and future property taxes, for either a set or indefinite time period. The two other payment plans, the extenuating circumstances income-based plan and the fixed-term income-based plan, both limit property tax payments to 8% of their adjusted gross income. 

The extenuating circumstances plan lasts as long as a hardship such as death, serious illness, loss of income continues. The fixed-term plan only applies to the late payments plus payments projected to be due in the next year. 

City taxes on properties worth under $250,000 are due April 1. Taxes on properties worth more than $250,000 are due July 1.

Tags:  Crain's NY  Manhattan  mansion tax  mortgage tax  NYC  transfer tax 

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