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How to use or fill out DRIE Tax Abatement Credit - NYC with our platform
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Click ‘Get Form’ to open the DRIE Tax Abatement Credit application in the editor.
Begin with SECTION 1 - APPLICANT INFORMATION. Fill in your first and last name, address, borough, zip code, daytime phone number, email address, and DRIE docket number.
Move to SECTION 2 - EXEMPTIBLE INCREASE. Check the appropriate reason for adjustment (MCR/FCA, MCI, J-51, Preferential Rent, or Other) and attach any necessary DHCR documentation.
In SECTION 3 - CERTIFICATION, ensure you sign and date the application. If someone else prepared it, they must also sign.
Before submitting, double-check that you have signed your application, checked the reason for adjustment, and attached all required documents.
Start using our platform today to easily complete your DRIE Tax Abatement Credit application online for free!
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According to BusinessDictionary.com a tax abatement is defined as the reduction of, or exemption from, taxes granted by a government for a specified period, usually to encourage certain activities such as investment in capital equipment (which includes buildings).
Who qualifies for Drie NYC?
Disability Rent Increase Exemption (DRIE) Tenants must receive eligible state or federal disability-related financial assistance to be eligible for the program. The DRIE benefit is administered as a real estate tax credit to landlords who would otherwise receive the increased rent.
Who is eligible for drie in NYC?
Summary of DRIE Applicants must be the lease holder or tenant of record, be in receipt of a disability-related government benefit, live in an eligible apartment, pay a rent amount that is more than one-third of the household income, and have a countable annual income of no more than $50,000.
What is a tax abatement credit?
The NYC Enhanced Real Property Tax Credit NYC Enhanced Real Property Tax credit is designed for NYC residents who have a household gross income of less than $200,000 and pay either real property taxes or rent for their residences. The credit can be as much as $500.
Tax abatement credits. When a tenant is approved for DRIE, landlords receive a tax abatement credit (TAC) equivalent to the tenants exempted rent increase.
by M Gates 2019 Cited by 2 An exemption is defined as a portion of the assessed value that is exempt from property taxes. While this does not reduce the assessment in itself, it does.
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