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butterbelly46
New Member

What is New York City Enhanced Real Property Tax Credit?

 
1 Best answer

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AshleyRose1
New Member

What is New York City Enhanced Real Property Tax Credit?

New York City enhanced real property tax credit may be available to New York City residents who have a household gross income of less than $200,000, and pay either real property taxes or rent for their residences. The credit can be as much as $500. If the amount of the credit is more than your tax for the year, the excess is treated as an overpayment of tax to be credited or refunded without interest

You are entitled to this refundable credit if you:

  • Had household gross income less than $200,000, 
  • occupied the same New York City residence for six months or more,
  • were a New York City resident for the entire tax year
  • could not be claimed as a dependent on another taxpayer's federal income tax return,
  • had a residence that was not completely exempted from real property taxes, and
  • must meet the conditions as a homeowner or renter below:
    • As a homeowner, you or your spouse paid real property taxes and any rent you received for nonresidential use of your residence was 20% or less of the total rent received.
    • As a renter, you or a member of your household paid rent for your residence.

How much is the credit?

  • The credit can be as much as $500.

How  to claim the credit

  • If you file a New York State personal income tax return, claim this credit on your return by filing Form NYC-208 with your return.
  • If you are not required to file a New York State income tax return, you may still claim this credit.

For additional information on claiming this credit, see Form NYC-208, Claim for New York City Enhanced Real Property Tax Credit, and its instructions.

For additional information please select the following links: 

https://www.tax.ny.gov/pit/credits/new_york_city_credits.htm

https://www.tax.ny.gov/pdf/current_forms/it/nyc208i.pdf

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5 Replies
AshleyRose1
New Member

What is New York City Enhanced Real Property Tax Credit?

New York City enhanced real property tax credit may be available to New York City residents who have a household gross income of less than $200,000, and pay either real property taxes or rent for their residences. The credit can be as much as $500. If the amount of the credit is more than your tax for the year, the excess is treated as an overpayment of tax to be credited or refunded without interest

You are entitled to this refundable credit if you:

  • Had household gross income less than $200,000, 
  • occupied the same New York City residence for six months or more,
  • were a New York City resident for the entire tax year
  • could not be claimed as a dependent on another taxpayer's federal income tax return,
  • had a residence that was not completely exempted from real property taxes, and
  • must meet the conditions as a homeowner or renter below:
    • As a homeowner, you or your spouse paid real property taxes and any rent you received for nonresidential use of your residence was 20% or less of the total rent received.
    • As a renter, you or a member of your household paid rent for your residence.

How much is the credit?

  • The credit can be as much as $500.

How  to claim the credit

  • If you file a New York State personal income tax return, claim this credit on your return by filing Form NYC-208 with your return.
  • If you are not required to file a New York State income tax return, you may still claim this credit.

For additional information on claiming this credit, see Form NYC-208, Claim for New York City Enhanced Real Property Tax Credit, and its instructions.

For additional information please select the following links: 

https://www.tax.ny.gov/pit/credits/new_york_city_credits.htm

https://www.tax.ny.gov/pdf/current_forms/it/nyc208i.pdf

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jenni489
New Member

What is New York City Enhanced Real Property Tax Credit?

It'd be helpful if the instruction links above were ready for 2016.
KJS-LES
Level 1

What is New York City Enhanced Real Property Tax Credit?

Is this tax credit available for 2020?

BillM223
Expert Alumni

What is New York City Enhanced Real Property Tax Credit?

@KJS-LES

 

No, the New York City enhanced real property tax credit expired 12/31/2019. See this New York webpage

 

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KJS-LES
Level 1

What is New York City Enhanced Real Property Tax Credit?

Thanks!

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