Property Tax Interest Abatement Program

If you have unpaid New York City property taxes and you were impacted by COVID-19, the Property Tax Interest Abatement Program may be able to help.

The Department of Finance will reduce or completely waive up to six months of late payment interest charges on eligible property tax payments due July 1 or October 1, 2021. To have your interest waived or reduced, you must submit an application by November 30, 2021. If you are eligible, interest on your late property tax payments will be waived for the period from July 1 through December 31. You must pay by December 31 to avoid interest charges that cannot be waived.

Properties Billed Quarterly

I. Eligibility Criteria:

You may be eligible for an interest waiver if you are billed quarterly for your property taxes and:
  • You use this property as your primary residence.
  • You earn less than $150,000 per year.
  • You or another household member has been adversely affected by COVID-19.

II. How to Apply:

You must submit your interest waiver application by November 30, 2021. If you are eligible, interest on your late property tax payments will be waived for the quarter(s) for which you are applying. You must pay by December 31 to avoid interest charges that cannot be waived.

Properties Billed Semi-Annually

I. Eligibility Criteria

You may be eligible for an interest reduction if you are billed semi-annually for your property taxes and:

  • Your property is a tax class 2 or 4 building with an assessed value of less than $1 million.
  • The property owner’s income dropped by at least 50% for any six-month period during the pandemic.
If you own a residential building: at least 50% of the property must be used for residential dwellings; there must be no more than 50 units, and at least 50% of them must be rent-regulated; and the property’s income decreased by at least 25% for any six month period during the pandemic.

Your interest rate reduction will depend upon your property’s assessed value:

Assessed Value Original Interest Rate Reduced Interest Rate
$250,000 to $450,000 6% 3%
More than $450,000 but less than $1 million 13% 6.5%

II. How to Apply:

You must submit your interest reduction application by November 30, 2021. If you are eligible, your interest will be reduced for the period from July 1 through December 31. You must pay by December 31, 2021, to avoid interest charges that cannot be reduced.

Additional Information on Interest Charges

For more information about the interest that is charged on late or unpaid property taxes, visit the Late Payments page.