NYC to give $150 property tax rebate to low- and middle-income homeowners
Photo by Daryan Shamkhali on Unsplash
Mayor Eric Adams on Wednesday signed legislation that will give hundreds of thousands of New York City homeowners a one-time property tax rebate of up to $150. Those eligible for the rebate are owners of one, two, or three-family residences with annual incomes less than or equal to $250,000 in the tax year 2020. The property must also be the primary residence of the owner.
“We’ve successfully identified the one thing all New Yorkers can agree on: Our property tax system is badly broken,” Council Member Justin Brannan, a co-sponsor of the legislation, said during the bill signing Wednesday. “The city is doing its part to fix the property tax system and this is a way for us to give just a little bit back to property owners.”
The legislation, known as Intro 666, issues a state-authorizing law that allows the city to distribute rebates on property taxes for homes that were eligible during the fiscal year 2022. The City Council approved the bill earlier this month.
The rebates are an effort by the city to provide financial relief to low and middle-income homeowners struggling due to the pandemic.
“I grew up on the edge of homelessness, so I know the worry and fear that too many low- and middle-income homeowners across the five boroughs experience about whether they can keep their homes and pay their bills,” Adams said.
“We want to remove some of the burden that New Yorkers are feeling, which is why we are putting money back into their pockets with a property tax rebate of up to $150 to low- and middle-income homeowners. This is about delivering direct relief to homeowners in New York who are struggling to get by.”
The Department of Finance will send out checks to eligible homeowners in the coming weeks. Owners who received a School Tax Relief (STAR) credit or exemption during the fiscal year 2023, and are considered eligible by DOF, will be sent checks automatically.
STAR recipients who have incomplete income information will be notified by DOF through a letter, instructing them on how to certify their eligibility for the rebate.
There will be a separate application for owners who never received a STAR exemption but who might still be eligible for the rebate. The additional information and applications are due in November, with rebate checks projected to be sent out in the fall.
RELATED:
