The New York City Department of Finance (DOF) has recently mailed out the second quarter property tax bills for the 2024/25 tax year. These bills, dated August 24, 2024, are now also available online. Property owners should be aware that the payment deadline for these bills is October 1, 2024.
It’s important to note that the DOF is still utilizing the tax rates from the previous tax year, 2023/24, to calculate the current bills. This is expected to be updated on the November bills, which will reflect the new tax rates for the payment due on January 1, 2025. Read more at: Step Closer to Revising 2024/25 Tax Rates | Rosenberg & Estis, P.C. (rosenbergestis.com)
Key Points About Your Property Tax Bill
When you receive your property tax bill, it will provide detailed information, including:
- Current and Past Due Property Tax Charges: These show the taxes you owe for the current period as well as any overdue amounts.
- Other Property-Related Charges: This could include water and sewer charges, emergency repair charges, or other city-related fees.
- Exemptions or Abatements: Any applicable reductions or discounts on your taxes will be listed here.
- Overpayments or Credits: If you have overpaid in the past, any credit will be reflected on your current bill.
- Early Payment Discounts: You can receive a discount if you pay your taxes early.
- General Tax Calculation Information: An explanation of how your taxes are calculated.
Who Receives a Property Tax Bill?
You will receive a property tax bill if you are responsible for paying the taxes directly and have a balance due. If your property taxes are paid by a bank or mortgage company, they will receive the bill instead.
Billing and Payment Schedule
Your billing schedule depends on your property’s assessed value:
- Assessed Value of $250,000 or Less: Bills are mailed quarterly (four times a year) with payments due on July 1, October 1, January 1, and April 1.
- Assessed Value Over $250,000: Bills are mailed semi-annually, with payments due on July 1 and January 1.
Understanding Your Bill and Payments
Once you receive your bill, it’s essential to review it carefully. Make sure to verify the charges, understand where they come from, and check for any applicable discounts or exemptions. If you have any questions, don’t hesitate to contact the Department of Finance or call 311 for assistance.
For those who pay quarterly, there is a grace period until October 15, 2024, to make payments without incurring interest. Remember, paying early can also earn you a discount on your taxes. For instance:
- A 0.33% discount is available if you pay the remainder of the year’s taxes by October 15, 2024.
- If you pay by mail, the payment date is considered the postmark date on the envelope.
Late Payments and Interest Charges
It’s crucial to make your payments on time. If you miss the October 1 deadline, interest will begin to accrue from the original due date, and it compounds daily. Make sure the DOF has your correct address on file to avoid any missed bills or notices.
Keep an eye out for your property tax bill and take advantage of any discounts available to you by paying early. Remember, the next update with the new tax rates will be reflected in the bills sent out in November for the January 1, 2025, payment. Stay informed and plan your payments accordingly to avoid any penalties or interest charges.
