Things to know about Property Tax Deductions in New York

1. THINGS TO KNOW ABOUT PROPERTY TAX DEDUCTIONS IN NEW YORK 1 NEW YORK PROPERTY TAXES New York imposes property taxes based on the assessed value of a property. These taxes fund local services such as schools, public safety, and infrastructure. Property owners are assessed annually, and the tax rate is applied to determine the amount owed. 2 PRIMARY RESIDENCE EXEMPTION Homeowners in New York may be eligible for a primary residence exemption, also known as the STAR (School Tax Relief) program. This exemption is available for owner-occupied primary residences, and it can result in a significant reduction in property taxes. 3 DEDUCTIONS ON FEDERAL INCOME TAXES Property taxes are deductible on federal income tax returns. Homeowners who itemize their deductions can include property taxes paid throughout the year. This deduction is part of the larger category of itemized deductions. 4 CONSULTING A TAX PROFESSIONAL Given the complexity of tax laws and the evolving nature of regulations, homeowners are encouraged to consult with tax professionals or accountants. These experts can provide personalized advice based on individual circumstances and help ensure that homeowners maximize their eligible deductions. 5 CONTACT US Get in touch now at 631-484-0654 if you are looking to save your property Tax in NY w w w . h o m e t a x s a v e r . c o m