New York renters and homeowners to see tax credit

On Behalf of | Apr 29, 2014 | Residential Real Estate

Rent increases and higher property taxes have placed added financial burdens on many people throughout New York City, but a tax program included in the state’s annual budget is meant to provide some relief. The $85 million program, dubbed “Circuit Breaker,” will offer a state income tax credit for qualifying renters and small homeowners, including condominium owners and cooperative shareholders.

The tax relief program for small homeowners and renters is the first of its kind in New York City. The credit per taxpayer will be calculated based property taxes, tax equivalent rates and income. While the credit amount for each person may not be enormous, New Yorkers will undoubtedly welcome the break to offset other costs.

Sometimes complex money situations force renters and landlords to make difficult decisions. The same can be said of situations involving condos and co-ops. When tough decisions lead to conflict, it is important for the affected parties to assert their rights. In most cases, a dispute can be resolved out of court, but aggressive litigation may also be necessary.

When a dispute arises between a renter and a landlord, or between a unit owner and a condo board, the cost-conscious approach is generally the best way for all parties involved. Maybe a renter falls behind on monthly payments, or there is a clash between residents. In any case, an attorney with experience in residential real estate disputes can help clarify the options for a favorable resolution.

If you have legal questions regarding apartments, condos or co-ops in New York, then our real estate website may prove helpful.

Source: Queens Chronicle, “Relief set for co-op and condo owners,” April 24, 2014