While some may consider it a fools game to have or keep a car in Manhattan, the fact is we all have different needs! For many New Yorkers, a car is just a thing that they can’t do without. Perhaps they commute regularly to New Jersey, Pennsylvania, or Connecticut; renting a car several times a month would probably turn out to be more expensive than just having a car all your own. Plus if you end up having to be away for longer than you at first thought; this can pose major problems for your rights as a renter. Rental companies love charging up overages on over-extended rentals. But in Manhattan there is a nice little bonus for owners of cars to get them to park their cars off the street; the Manhattan resident parking tax exemption.
The tax on parking lots in Manhattan is half the battle; these rates can be as high as 18.375%. However if you are a Manhattan resident and you’re interested in taking advantage of one of the regular parking spots in the City, you can be afforded the Manhattan Parking Tax Exemption which will in effect slash the tax on your parking rates by nearly half; from 18.375% to 10.375%.
The parking tax in Manhattan is broken up like this; 10.375% is the standard tax rate; the 8% extra is called the Manhattan rental parking spaces tax. Residents of Manhattan can have that 8% lopped off when they take advantage of the Manhattan Resident Parking Tax Exemption. Your car does need to be owned and registered to a Manhattan address to qualify for this exemption and you need to park your car in a long-term rented space as well. Also this parking tax exemption is only for personal use vehicles; you can’t get a break on the Manhattan Parking Tax if you use your vehicle for commercial or rental use or if yours is a company vehicle.
If all of these preclusions still include you in this tax break then you should definitely give this tax exemption a look. While the 8% may not appear to be much on the front side, you will likely also get a real break on insurance if you park your car in a long term protected space, lot, or garage as opposed to the street. The savings you get from your insurers along with the tax breaks may actually make the parking situation worth it. Plus there is nothing worse than thinking you have parked legally only to see later that there was some caveat and you have to pay a hefty ticket or worse your car is towed! Yowza!To learn more, contact:
NYC Department of Finance Parking Tax Exemption Unit
59 Maiden Lane 19th floor
New York, NY 10038
You need your cars title, your parking lot info, residency status, and your drivers license. Give the NYC Dept of Finance a call to see if you need anything else; 212-232-1585 or in NYC call 311.