Tax Reduction Programs

Finance offers property tax reductions through exemptions and abatements.

Exemptions
Exemptions provide tax relief by reducing a property's assessed value. (This reduced assessed value, multiplied by the tax rate, is the amount of tax due, before abatements, for the entire tax year.) For the type and amount of exemptions for a particular property, click on “Find Property Tax Benefit Information” in the right-hand column.

Abatements
Abatements reduce taxes by applying credits to the amount of tax due. The type and amount of abatements are shown in the last section of every property’s Statement of Account. 

Owners of Cooperative Apartment Units
Coop unit owners may receive the following exemptions: Basic or Enhanced School Tax Relief (STAR), Disabled Homeowner, Senior Citizen Homeowner and Veteran. Their associations may also apply for the Condo/Coop Abatement. Click “Residential Property” below for more information about these programs.

To find out what exemptions you are receiving in the current tax year (July to June), contact your management company. If you call in January or February, the management company will have information for the current tax year, and you will still have time to apply for benefits in the next tax year.

Residential Property 
Commercial Construction
Governmental, Industrial, and Not-for-Profit