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$300 Per Home Tax Break Due to Expire

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New York City homeowners are about to miss the boat on $75 million in tax breaks, a report on Monday, December 9 revealed. A looming December 31 deadline is currently in effect for a property tax abatement that would lower an NYC homeowner’s tax by an average of $300 per household to owners of single-family homes, condos and co-ops, the New York Daily News reported last week.

In the same report, by the Independent Budget Office, came the disclosure that merely 53% of city homeowners that filed for the STAR abatement last year have signed up again this year. The tax break used to be granted automatically to homeowners, but a registration requirement was recently added for the first time since the break was first offered 15 years ago.

According to the News, the state Tax Department began mailing out reminders beginning in August. The warnings were mailed out again in September and November.

The reminders do not seem to have been effective in New York City, where the News reported that at least “250,000 households have failed to sign up. The statewide average signup rate is 66%, but in the Bronx only 47% who qualify have registered for the abatement.”

Staten Island has the highest among the low signup rate, coming in at 64%, which the News qualified as still below average. In Brooklyn, 53% of those eligible have signed up, followed by Queens residents with a 52% signup rate.

The News reported that eligibility rules may be why the enrollment rates are down. For instance, a rule for the abatement is that the family only owns one home so that people who have multipkle homes do not receive multiple breaks.

The budget office speculated that “New Yorkers with second homes might be registering for the break on their country places instead of their city home, because the abatement is generally slightly higher outside the city,” the Daily News reported.

To apply, register at tax.ny.gov/pit/property/star13/default.htm or call (518) 457-2036.

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