First factor, per NYC, in order to
be eligible for
this New York City enhanced real property tax credit, you must meet all conditions:
- Your household gross income was less than $200,000.
- You occupied the same New York City residence for six months or
more.
-
You were a New York City resident for all of 2016.
- You could not be claimed as a dependent on another taxpayer’s
federal income tax return.
- Your residence was not completely exempted from real property taxes.
- Additionally, you must meet all the conditions listed under either
Homeowners or Renters below:
- Homeowners
- You or your spouse paid real property taxes.
- Any rent you received for nonresidential use of your residence was
20% or less of the total rent you received.
- Renters
– You or a member of your household paid rent for your residence
Second factor, there is a calculation aspect to this credit:
They multiply your
Federal AGI (which can be found within your Tax Summary, under My Account, then Tools,
Look for "Adjusted gross income" please
see attached picture) by a small percentage, based on a Table 1 created
by NYS Department of Taxation & Finance. (please
see the attached picture), the result would be on Line 16.
Then, Line 17, which
is total amount of rent paid, then they take that amount and multiply by 15.75%
to come up with a "Compute Real Property Tax" amount, which would be
on Line 19 (please see the attached picture)
If the small
percentage of your AGI, from Line 16 is less than what you paid in
"computed real property tax", on Line 19 the difference I believe is
given to you as a credit. (please see the
attached picture)
If you want to do
your own calculations to double check the form, please see the attached
photos.
For more information, please see this NYC link:
https://www.tax.ny.gov/pdf/current_forms/it/nyc208i.pdf
