Here is a quick summary of some readily available exemptions and deductions. Speak to an accountant or other expert to make sure that you qualify.
- Certain types of buildings used for education or religious organizations can be tax exempt, and from what I gather clergy can deduct all of their living expenses, not just their mortgage interest
- The elderly can enjoy an Aged Exemption, if they are 65 or older with modest incomes. They can reduce their property taxes by 10% to 50%. This exemption must be renewed every year by the taxable status date, often around March of the preceding year.
- Veterans who served during conflict can receive a 15% reduction, combat veterans another +10%, up to $5,000 max. Co-ops are not eligible, and this does not reduce school taxes. The benefit renews automatically.
- Gold Star parents who lost a child who would have been eligible but died in the line of duty may also be eligible for a veteran’s exemption. This may vary by municipality, but NYC does include gold star parents.
- STaR, or the School Tax Relief Program gives every homeowner a permanent reduction. Elderly who earn less than $80k may be eligible for enhanced STaR. While they would have to reapply every year, enhanced STaR is included with anyone who receives the Aged Exemption.
- In-law apartments maybe qualify for an exemption
- NYC has a program for crime victims who were disabled as a result of the crime, and for Good Samaritans who became disabled trying to intervene in a crime. This program provides compensation for renovations to accommodate their disability