Important Tax Exemption Application Deadline, Free Tax Prep For New Yorkers Earning Less a than $93K/Year
Important Tax Exemption Application Deadline, Free Tax Prep For New Yorkers Earning Less a than $93K/Year
Editor’s note: We published the Mayor’s announcement regarding the free tax prep services last tax season as well. One of the tax exemption programs for seniors is the SCRIE (Senior Citizen Rent Increase Exemptiom). This program has multiple eligibility requirements, including already living in a rent stabilized apartment or condominium, along with an income lower than $50K per year and being more than 62 years old. It allows the government is New York to subsidize a portion of your rent amounting to the disparity between what you have to pay and what the cost actually is. Similar to a Section 8 type of voucher but just for a specific group of seniors. The following info is from the application site:
What is the NYC Rent Freeze Program?
The New York City Rent Freeze Program can freeze your rent at an affordable amount and protect you from future increases. The Rent Freeze Program includes the Senior Citizen Rent Increase Exemption (SCRIE) and the Disability Rent Increase Exemption (DRIE).
Under this program, a property tax abatement credit covers the difference between the actual rent amount and what you (the tenant) are responsible for paying at the frozen rate.
The longer you are in the program, the greater the benefit. If you enter the program today, renew your benefit as required, and continue to meet all eligibility requirements, the amount you pay for rent today could be the same 20 years from now.
From Asm. Charles Fall:
Homeowner Tax Exemption Deadline is March 17!
📣 Deadline reminder!
March 17 is the last day to apply for a homeowner tax exemption. Eligible homeowners can apply for an exemption to lower their property tax bill, with benefits offered for seniors, veterans, those with disabilities, and more.
More at http://nyc.gov/ownerexemption
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If you earn $93,000 or less, work with an IRS-certified VITA/TCE volunteer preparer to complete an accurate tax return for free in-person or online.
Banner Image: Tax Prep services. Image Credit – NYC Tax Dept
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