NYC Homeowners Ready for a Property Tax Refund: Here’s What to Know

NEW YORK CITY – Check your mailboxes, New York homeowners.

Tax refund checks worth hundreds of dollars are going to more than 2.5 million eligible homeowners across the state, including 479,000 households in the Big Apple.

The checks for the 2022 homeowners tax credit are part of a budget deal reached in April that directs $2.2 billion this year toward tax relief.

“This budget provides much-needed tax relief to thousands of small businesses and millions of New Yorkers and lowers the tax burden for those who need it most,” Governor Kathy Hochul said in a statement.

Checks began to be sent in June, much earlier than originally planned.

This early timing, coupled with the checks’ short message — “Governor Hochul and the New York State Legislature provide this to you” — raised eyebrows among many officials and political observers, as it meant taxpayers would receive it. before the primary of June 28, the Times Union reported for the first time.

Hochul’s main Democratic rival, Rep. Thomas Suozzi, complained about the timing, the The New York Post reported.

“She’s bribing voters before the election…if it’s not illegal, it should be,” he said, according to the Post.

Controversy and accusations of political chicanery aside, rebate checks will likely be welcome for many New York homeowners, though the windfall is less than in other parts of the states.

Most eligible out-of-town taxpayers will receive an average benefit of around $790, while New York homeowners must pay around $425.

So who in New York is eligible for checks?

Generally speaking, homeowners who earn $250,000 or less and are eligible for the school tax relief program — or STAR — are eligible, state officials said.

They must specifically meet the following criteria, as defined by the State Department of Taxation and Finance:

  • qualified for STAR 2022 credit or exemption.
  • had Income less than or equal to $250,000 for the 2020 taxation year.
  • a school tax debt for the 2022-2023 school year greater than your 2022 STAR benefit.

The amount for New York City homeowners will vary depending on their school district, income and whether they receive the Basic STAR or Enhanced STAR benefit, officials said.

Those who earn the Enhanced STAR exemption or credit will receive a 110% discount on their Improved STAR exemption savings regardless of your income, according to the Tax and Finance Department.

Beneficiaries of the basic STAR exemption will receive a credit equal to a certain percentage, based on income, of the Basic STAR exemption savingsindicates the ministry’s website.

And taxpayers in either pool outcome who have a calculated credit of less than $100 are out of luck: State law prohibits refund checks for such amounts from being clipped.

The likely amounts for New York homeowners are as follows, according to the Department of Tax and Finance:

And New York property taxpayers may soon receive another separate rebate from the city.

A $101 billion budget deal between Mayor Eric Adams and city council members includes $90 million for a property tax refund for about 600,000 eligible city dwellers.

The amount will likely be $150 for homeowners earning less than $250,000, said Jacques Jiha, budget director for the mayor’s office of management and budget.

To learn more about the homeowner’s tax credit, click here.

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