Posts from January 5th, 2024
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5
Assessments
If you own property, it's that time of year again
Posted Tuesday, December 26, 2023 2:49 pm
BY MATHEW JOSEPH
It is that time of the year again. By Jan. 5, the New City Department of Finance values and assesses your property every year to calculate your property tax bill.
Then the tentative assessment roll with the new market and assessed values will be published by Jan. 15. A notice of property value for each property is sent. The process is complex, but it works like this:
The Department of Finance determines your property's market value by tax class. Once your market value is established, your assessed value is calculated. The assessed value is a percentage of your market value.
The process varies depending on what type of property you own...
5
Tax Exemptions
PROPERTY TAX EXEMPTIONS.
By Mathew Joseph
The maxim, 'every penny counts' is true even in prosperous economic cycles. Let us discuss a few options for New York City homeowners to save money through real estate tax exemptions. Exemptions lower the amount of tax you owe by reducing your property's assessed value. If you already have an exemption, the notice of property value will show the amount of exemption you will receive for that tax year. Two common tax breaks are, Senior Citizen Tax Exemption and Veterans' Tax Exemption. Both are for owner occupied houses.
The Alternative Veterans tax exemption is available to eligible veterans of foreign wars, expeditionary medalists, veterans with honorable discharges, spouses/widow(er)s of veterans, and Gold Star parents. Applicants for the Alternative Veterans exemption must have served in one of the following conflicts: Gulf War, Iraq and Afghanistan conflicts, Vietn...
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