Payment plans

The Department of Finance offers payment plans that allow you to pay your property taxes over time, instead of paying the full amount all at once.

There are three types of payment plan: a standard payment plan, a Property Tax and Interest Deferral (PT AID) payment plan, and a reduced interest payment plan.

To determine the best payment plan for you, use the payment plan screening tool.

Please note that a payment plan allows you to make a series of smaller payments instead of making one large payment, but it increases the total amount you will pay, because interest will continue to be added to your balance until the amount you owe is completely paid off.

Option 1: Standard Payment Plan

The standard payment plan is the best option for most taxpayers.

To apply: Submit the Property Tax Payment Agreement Application and provide all required documentation, including proof of your identity and your relationship to the property. (If you have questions, refer to the Standard Payment Plan Online Filing User Guide.)

Down payment: You do not have to make a down payment, but we recommend that you do. The more you pay up front, the lower your payments will be.

Terms: Pay monthly or quarterly for a term of up to 10 years.

The Payment Agreement Estimator can help you estimate your payment amount.

Your single-family home, condominium, or other tax class one property may be eligible for a Reduced Interest Rate Property Tax Payment Plan. See “Option 3: Reduced Interest Payment Plan” below.

Option 2: PT AID Payment Plan

The Property Tax and Interest Deferral (PT AID) Program allows eligible homeowners to defer all or part of their property tax payments, or pay only a small percentage based on their income, so that they can remain in their homes. If you know someone who is struggling to pay their property taxes, please visit the PT AID page for more information.

Option 3: Reduced Interest Payment Plan

Eligibility

You may be eligible for a Reduced Interest Rate Property Tax Payment Plan if:

How to Apply

You will receive the reduced interest rate automatically and do not need to submit an application if either of the following applies to you:

If neither of the above applies to you, but you believe you might be eligible, you can apply for the Reduced Interest Rate Property Tax Payment Plan. You will be asked to upload copies of your recent tax return. If you have not filed a recent federal or state tax return, you will be asked to complete this income worksheet.

Payment Plan Rules

Once you have entered into a payment plan, you must pay both your installment amount and your new charges. If you fail to pay both for a period of six months:

Payment Plan Interest Rates

Interest Rates

The annual interest rate you will be charged under a payment plan is set by law and depends on the assessed value of your property.

Annual Interest Rate

Assessed Value of Property

Effective Dates

Other Important Information About Payment Plans

Payment plans vs. paying your bill all at once

A payment plan allows you to make a series of smaller payments instead of making one large payment, but it increases the total amount you will pay. This is because interest will continue to be added to your balance until the amount you owe is completely paid off. For example, if you owe $10,000 and you choose a five-year payment plan with 9% interest, you will end up paying a total of more than $12,000.

When payment plans can be used

Payment plans can be used for property taxes and many other property charges. If you have missed payments on your property tax bills, and you have an outstanding balance, you can enter into a payment plan. If your property is at risk for a lien sale or in rem action, you can still enter into a payment plan. However, you cannot enter into a payment plan with the Department of Finance if a tax lien sale or an in rem action has taken place.

If your property was already subject to an in rem enforcement action, you must obtain approval from the Department of Housing Preservation and Development for a payment agreement.

Sidewalk Repair Charges

There is a separate sidewalk charges payment plan application. Eligibility information is included in the application. For sidewalk-repair charges, the annual interest rate is 8.5%.

How to Get Help

For more information about property tax payment plans, submit an inquiry online.

For more information about payment plans to pay off your outstanding water and sewer debt, please call the Department of Environmental Protection at (718) 595-7000, visit a NYC DEP borough office, or review DEP’s Overdue Water & Sewer Charges page.