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The end of the year is the right time to get ahead on property taxes, so property owners better prepared for 2026. In New York, property taxes continue to rise, leaving many homeowners surprised by their assessments. That's why it's important to be proactive and take steps early to reduce the tax assessment while owners still have the opportunity. O'Connor will go over why and how to properly prepare for the new year, and what actionable measures owners can take to reduce their tax bills to avoid further surprises from penalties and fees.

Tax Plan Before It's Too Late

Planning for property taxes is important because it can help reduce tax liabilities, avoid penalties, and prepare for upcoming expenses. The following are a few reasons why tax planning before the new year is crucial:

Maximize Your Deductions
In New York, you may be able to deduct property taxes on the federal income tax return thanks to the SALT deduction cap. Paying certain tax bills before the end of the year can help secure those deductions for the current tax year.

Avoid Interest and Late Fees
By reviewing and paying any outstanding property taxes before the December 31 deadline, owners can ensure they don't incur additional charges.

Plan for Escrow
As a homeowner, knowing what's due helps confirm that escrow accounts are properly funded and avoid surprises in future mortgage payments.

Prepare For Possible Assessment Changes
If owners are planning to appeal or are looking to make corrections (if the property value or taxes have increased), they must be sure to review their property assessments before the year ends to get a head start.

Check Your Local Deadlines
Many New York counties have specific due dates, installment payment schedules, and year-end planning that can help owners stay compliant and organized.

To properly prepare for the new year, owners can start by reviewing their most recent property tax assessment before the end of the year to identify any errors or overvaluations. While many property owners may not receive an actionable assessment that allows them to file a grievance until after the beginning of 2026, it's still important to review the latest notice, even if the tax bill has already been paid. Doing so ensures owners catch any inaccuracies that could affect future assessments or appeals. Gathering recent comparable sales in the neighborhood, updated appraisals, and any documentation of the property's condition can help strengthen the case for an appeal. Owners can consult with a seasoned property tax expert from O'Connor to plan strategies for exemptions, reductions, or appeals, so that they're sure to enter the new year with the confidence of minimizing their tax burden.

Actionable Steps to Reduce the Tax Assessment

Review Property Exemptions
Confirm Assessment Accuracy
Understand Deduction Timing
Build A Property Tax Calendar

Review Property Exemptions
Many New York homeowners qualify for exemptions to help reduce their taxable property value, such as the STAR (School Tax Relief) exemption, enhanced STAR, senior citizens exemption, disability exemption, and clergy and agricultural exemption. Each exemption has its own application process, income requirements, and deadlines, so owners must be sure to verify with their local assessor's office for details.

Confirm Assessment Accuracy
To avoid errors or overvaluations, owners must make sure to confirm that their assessment is accurate and up to date by comparing recent home sales in their area, verifying their property record card (square footage, bedrooms, bathrooms, lot size), and condition rating. Overstated property details mean higher assessments and higher taxes, so owners don't want to leave room for error. If errors do exist, gather relevant documentation and prepare to file a grievance during the spring period (March – May).

Understand Deduction Timing
Owners must remember that deductions apply in the year the tax period is paid, not billed, so they must carefully consider when to make property tax payments as timing can affect their federal tax deductions. Some deductions available are the Federal SALT cap that includes a $10,000 limit on the total amount of state and local taxes (including property and income taxes) that can be deducted on federal returns. If owners plan to itemize deductions and have not reached the SALT cap, paying property taxes by December 31 can help capture the deduction in the current tax year. If owners expect higher income next year, they can delay pushing the deduction into a future tax year.

Build A Property Tax Calendar
To help stay on track, owners are encouraged to build and outline important dates on a personalized property tax calendar:

January – March: exemption applications and renewals
March – May: Grievance filing windows
September – December: Property tax bills are due, make payment timing decisions

A year-end property tax review is the best way owners can avoid overpaying and start 2026 on a solid financial footing. By taking the time to review now, owners can reveal missed savings opportunities or errors that may go unnoticed otherwise. Owners must make sure to review available and applicable exemptions, check for assessment accuracy, and decide on deduction timing. Taking some time before December 31 to review property details, confirm exemptions, and plan payments; these small efforts now can help owners protect their financial standing in the upcoming year.

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