After facing the global Covid-19 pandemic and the hardships that have been bought along with it, the department of finance for the city of New York has recently decided to launch as well as publicize several financial programs which are aimed at minimizing the financial burden on the ordinary people especially the house owners in the City of New York.
Interestingly, none of the programs currently launched or publicized are newly created. Still, very recently, they have been put to work on a larger scale to ensure that during the pandemic times and even after the pandemic is over, people can bounce back to their everyday life.
Among these programmers released by the ‘Department of Finance for the City of New York is the program named ‘Property Tax and Interest Deferral Program,’ also known by the short name ‘PT AID.’
The program aims to minimize the amount of tax that is being paid by homeowners suffering from any crisis, including financial and health.
As per the program, the eligible homeowners of New York City can skip their property tax payment for future times or pay only a fraction of the total calculated tax.
The ‘Property Tax and Interest Deferral Program’ is solely aimed at reducing the financial burden faced by homeowners during the pandemic times due to widespread Covid-19 cases and skyrocketing cost of living.
How Does The ‘PT AID’ Work, And What Are The Rules?
According to the Department of Finance for the city of New York, the ‘PT AID’ program allows eligible homeowners to delay the time in which one has to pay their property taxes or only pay a fraction of the calculated property tax they were previously required to pay.
Per the program’s rules, homeowners facing hardships, including health and finances, can apply for the program. The reduction in the amount of tax to be paid can be decreased for a limited period in case of a temporary hardship one might be facing or decreased permanently in case of chronic hardship.
Also, the rules for the ‘PT AID’ program state that the total amount of tax that can be deferred or reduced can only be a maximum of twenty-five percent of the total property tax in case the homeowner owns a one, two, or three-family house.
But, if the homeowner owns a condo or apartment, the total amount of property tax that can be reduced or deferred from payment is about fifty percent or half that of the calculated property tax.
The rules also state that the unpaid debt under ‘PT AID’ will continue to acquire interest over time, following the fixed interest rate.
What Are The Eligibility Criteria For ‘PT AID’?
It is necessary to note that to be eligible for application into the ‘PT AID’ program,
1. Must be a permanent New York City resident.
2. Must own a family home or condo in New York City.
3. Must have an annual earning of about 86,400 dollars or less.
4. You Must be at risk of being defaulted on your property tax payments.
These are some of the necessary conditions a homeowner must fulfill to avail of the ‘PT AID’ program.
What Is The ‘PT AID’ Payment Agreement?
According to the official website of the ‘Department of Finance’ of the City of New York, it is clear that the program intends to reduce the financial burden on the homeowners of New York City, especially those currently facing severe hardships.
Once a homeowner qualifies and becomes eligible for applying in the program, they can defer or avail to reduce the total property tax they have to pay to live at their property.
But, the homeowners must complete the proper paperwork related to the ‘PT AID’ program.
What Documents And Forms Are Needed To Apply For ‘PT AID’?
The ‘Department of Finance,’ they have already published all the necessary documents and forms required for successful enrollment into the ‘PT AID’ program.
Here is the list of documents and forms required to be filled out for ‘PT AID’ program,
1. Initial Application.
2. Online Renewal Application.
3. Income Worksheet.
4. Renewal And Charge Form.
5. Inline Renewal Instructions.
Once the necessary forms have been filled, the homeowners are expected to attach all the necessary documents along with the forms and upload the scanned copy on the official site.
To check the status of the application, one can contact customer service or send an email to the provided email id on the site.
What Is The Structure Of Payment Under The ‘PT AID’ Program?
As per the rules, homeowners can apply for several payment agreements, including paying in installments over a fixed tenure.
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