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New York State To Mail Out Homeowner Tax Rebate Credit Checks

Homeowners in New York State should start checking their mail for a homeowner tax rebate credit. The one-year program was implemented by the state to give homeowners some property tax relief in 2022. The checks were originally scheduled to roll out in the fall of 2022 but the state has decided to send them out early.

Who Qualifies for the rebate?

To be qualified for this tax rebate, homeowners need to have an income less or equal to, $250,000 for the 2020 tax income year, and a school tax liability for the 2022-2023 year that is more than your 2022 STAR benefit.

The state said it expects most if not all of the checks to be mailed out by the end of June and that homeowners should expect a check by early July. If you do not receive one before then, officials say it should be there before your school tax bill is due, however, no exact dates were given.

The amount of tax rebate each household will receive depends on multiple variables including, where your home is located, how much your income is, and whether or not you receive basic STAR or enhanced STAR.

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For Homeowners in NYC:

If you get the Enhanced STAR exemption or credit, your homeowner tax rebate credit will be 110% of the Enhanced STAR exemption savings regardless of your income.

If you get the Basic STAR exemption or credit, your credit amount will be a certain percentage (determined by your income) of the Basic STAR exemption savings.

If your 2020 Income Was Your Homeowners tax rebate credit
$0 to $75,000 125%
$75,000.01 to $150,000 115%
$150,000.01  to $200,000 105%
$200,000.01 to $250,000 100%

For Homeowners Outside of NYC:

If you receive the Enhanced STAR exemption or credit, your homeowner tax rebate credit will be 66% of the Enhanced STAR exemption savings regardless of your income.

If you receive the Basic STAR exemption or credit, your credit amount will be a certain percentage (determined by your income) of the Basic STAR exemption savings.

If your 2020 Income Was Your Homeowners tax rebate credit
$0 to $75,000 163%
$75,000.01 to $150,000 115%
$150,000.01  to $200,000 66%
$200,000.01 to $250,000 18%

Wrap Up

Qualified homeowners should be expecting these checks sooner rather than later. Check with your financial advisor or accountant to see if you qualify for a rebate or if you’d like some help calculating the credit amount.

 
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