New York has the most expensive property tax credits available in the country.
And while the state has an average of $1,000 in property tax relief for each property tax paid, the most generous property tax benefit is available to New Yorkers who live in the boroughs of Brooklyn, Queens, Staten Island, Long Island, and Manhattan.
The city also has a number of exemptions and credits, including a property tax deduction for renters and homeowners who make less than $250,000 per year, up to $1 million for those with annual incomes between $150,000 and $250.
The only tax credit that isn’t available to renters and taxpayers with annual income above $250 is the “New York City Housing Tax Credit,” which is available for those who own homes in New York.
However, this tax credit is not available to residents who make more than $300,000 a year.
This article has been updated to include the new credit.
Share your thoughts on this article Share your comments on this story