NYC property tax payment plans.

The Department of Finance offers flexible payment plans to help manage property tax payments over time, rather than paying the full amount upfront. 

There are three types of payment plans available: the standard payment plan, the property tax and interest deferral program (PT AID) and the reduced interest payment plan. 

To find the best payment option for you, use a payment plan screening tool. 

Important Note: While a payment plan allows you to make smaller, manageable payments, the overall amount paid will be higher due to accruing interest until the full balance is settled. 

The standard payment plan is often the best choice for most taxpayers. 

To apply, complete the property tax payment agreement application and submit all required documentation, including proof of identity and your relationship to the property. If you have questions, refer to the standard payment plan online filing user guide. 

• Down payment: While a down payment is not required, making one is recommended. A larger upfront payment will lower your subsequent monthly payments 

• Terms: You can choose to pay monthly or quarterly over a term of up to 10 years. 

To help you estimate your payment amounts, use the payment agreement estimator. 

If your property is a single-family home, condominium or another tax-class-1 property with an assessed value of $250,000 or less, you may qualify for a reduced interest rate property tax payment plan. Eligibility criteria include: 

• The property must be your primary residence for at least one year 

• The total income of all owners must not exceed $200,000. 

You will automatically receive the reduced interest rate if you meet one of the following conditions: 

• You are enrolled in a property tax payment plan through the PT AID program 

• You are part of a standard payment plan, are current on your payments, and receive one of the following benefits: Enhanced STAR credit or exemption, senior citizen homeowners’ exemption (SCHE), or disabled homeowners’ exemption (DHE). 

If you believe you may qualify but do not meet the above criteria, you can apply for the reduced interest rate property tax payment plan. You will need to upload copies of your recent tax return. If you haven’t filed a recent federal or state tax return, please complete the income worksheet provided. 

For more information, visit NYC Department of Finance property payment plans page at www.nyc.gov/site/finance/property/property-payment-plans.page.

Mathew Joseph is a real estate tax consultant. He can be reached at 929-393-5773 or realtorplus1@yahoo.com.