With tax season upon us, State Sen. John Liu is spearheading a valuable initiative in collaboration with the NYC Department of Finance (DOF) to assist residents in navigating the complex terrain of rent and property tax relief. In a series of upcoming information sessions, homeowners and renters can learn about available tax exemptions that could potentially save them significant amounts of money.
For New York homeowners meeting specific criteria, this could translate to substantial savings ranging from hundreds to thousands of dollars on their annual property taxes. Sen. Liu emphasizes the importance for homeowners to assess the value of their property, as a lower valuation can lead to a reduced tax bill. Depending on their home classification, homeowners have until either March 1 or March 15 to challenge their assessed property value and apply for relief.
Senator Liu states, “Determining eligibility and navigating paperwork is never easy, so we are bringing tax professionals from the DOF to northeast Queens so residents can speak directly to representatives and walk through the process with them. Economic times are tough, and we strongly encourage New Yorkers, especially our seniors who live on fixed incomes and are trying to make sure every penny counts, to attend these information sessions.”
The three free sessions aim to educate residents on various exemptions available to them. Rent exemptions, including freezes or exemption from future increases, are accessible for senior citizens aged 62 and above, as well as tenants with disabilities.
Homeowners, on the other hand, have a plethora of exemptions at their disposal. The Disabled Homeowners Exemption (DHE) caters to disabled homeowners with an income of $58,399 or less, offering a reduced home value assessment by up to 50 percent for owners of one, two, or three-family homes, condos, or cooperative apartments. The Senior Citizen Homeowners’ Exemption (SCHE) follows similar criteria.
Attendees of the sessions will also gain insights into the DOF’s assessment of property value and the School Tax Relief (STAR) credit. Veterans are not left out, as the Veterans Tax Exemption can significantly lower property taxes for veterans, spouses, and parents of soldiers who died in active duty.
Joining Sen. Liu in co-hosting these sessions are Assembly Members Ed Braunstein, Nily Rozic, Ron Kim, and David Weprin, along with Council Members Linda Lee, Sandra Ung, and James Gennaro.
Mark your calendars for the upcoming sessions:
- Wednesday, Jan. 17
- Location: Main Street Flushing Library, 41-17 Main St., Flushing, NY 11355
- Time: 5 to 7 p.m.
- Tuesday, Feb. 13
- Location: Korean Community Services Center, 203-05 32nd Ave., Bayside, NY 11361
- Time: 2 to 4 p.m.
- Wednesday, March 6
- Location: Hillcrest Jewish Center, 183-02 Union Tpke., Fresh Meadows, NY 11366
- Time: 5 to 7 p.m.
These sessions offer a golden opportunity for residents to take charge of their financial well-being and explore avenues for tax relief. Don’t miss out on this chance to empower yourself with valuable information that could make a significant impact on your financial landscape.