Some monetary relief is coming soon for New York City residents to help them offset the rising cost of living. These stimulus checks from New York City are in the form of a one-time property tax rebate. Hundreds of thousands of low- and middle-income New York City homeowners will get a rebate of up to $150.
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Stimulus Checks From New York City: Who Will Get Them And How Much?
Last month, New York City Mayor Eric Adams approved legislation to send a one-time property tax rebate of up to $150 to eligible New York homeowners. The New York City Council passed the bill earlier last month.
“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,” Mayor Adams said in a press release.
These stimulus checks from New York City will go to homeowners with a combined income of $250,000 or less during the 2020 tax year.
Moreover, properties that qualify for the rebate include one-, two- or three-family residences or dwellings in a cooperative or condominium. Also, the property should be the primary home of the owner.
Moreover, the taxpayer must reside in New York City to qualify for the rebate money. The amount of the property tax rebate will be the lesser of $150 or the amount of real estate tax liability. The Department of Finance (DOF) has already started mailing out the checks.
How To Apply
Recipients of a School Tax Relief (STAR) exemption or credit for whom the DOF has information to verify the eligibility will get the rebate checks automatically.
The DOF will send a letter to STAR recipients for whom it doesn’t have their full information. These residents will have to provide the needed information to get the rebate check.
The DOF is developing an application process for other property owners who don’t receive the STAR exemption but may be eligible for the stimulus checks from New York City. The deadline to apply for the rebate checks is November, and the stimulus checks for these applicants should go out in the fall.
In June, New York homeowners got a one-time property tax credit. This tax credit was part of the $2.2 billion tax relief program approved in New York’s budget.
The amount of the credit was based on several factors, including location and income. The checks for this one-time property tax credit were slated to be mailed in the fall, but the state started sending the checks earlier in the year.
