New York Tax Tips / FAQ

Understanding accounting can be daunting and confusing to most people. New York state has specific guidelines and tax practices that must be followed. Our Tax Tips/FAQ section below can shed some light on those areas.

• New York City has its own tax rates and brackets.
• New York City Sales Tax is currently 8.875%

How do I know if I'm entitled to a tax exemption or credit?

You are typically entitled to an exemption if you are receiving one. However, you can contact us to find out if there is another exemption you may be eligible for. In many cases some taxing districts offer exemptions that other taxing districts may not. Need more information?

What is a tax deferral?

A property tax deferral generally allows qualified taxpayers to delay specified property tax payments and remain in their homes until transfer or death. Currently there is no general law allowing local governments in New York State to establish a property tax deferral program. Need more information?

What is an exemption?

A full/total or partial exemption is the reduction in the assessed value for individuals or parcels (property) that meets the exemption criteria. Need more information?

What is a property tax levy?

A tax levy is the amount of revenue that a taxing district decided is needed to be raised through the property tax. Need more information?

What Determines the Tax Rate?

The tax rate is determined by the amount of the tax levy. There are several steps involved in determining the tax levy. First, the taxing jurisdiction ( a school district, town, county, etc.) develops and adopts a budget. Revenue from all sources other than the property tax (state aid, sales tax revenue, user fees, etc.) is determined. These revenues are subtracted from the original budget and the remainder becomes the tax levy. It is the amount of the tax levy that is raised through the property tax. Need more information?

What Is the Property Tax?

In New York State, the real property tax is a tax based on the value of real property. Counties, cities, towns, villages, school districts, and special districts each raise money through the real property tax. The money funds schools, pays for police and fire protection, maintains roads, and funds other municipal services enjoyed by residents.

In New York State, there is no personal property tax, which is a tax on personal items, such as cars and jewelry. Need more information?

What Determines the Amount of a Property Tax Bill?

The amount of a particular property's tax bill is determined by two things: the property's taxable assessment and the tax rates of the taxing jurisdictions in which the property is located. The tax rate is determined by the amount of the tax levy to be raised from all, or part, of an assessing unit, and the unit's total taxable assessed value. The assessment is determined by the assessor and should be based on the value of the property less any applicable property tax exemptions. Need more information?