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Mayor Eric Adams Signs Bill That Provides Property Tax Rebate for NYC Homeowners

Earlier this week, New York City Mayor Eric Adams enacted a one-time tax rebate for eligible NYC homeowners. The $150 rebate is aimed to assist low-income and middle-income homeowners that have been burdened by extremely high property taxes in the city that never sleeps.

Eligibility

To qualify for the $150 rebate, the homeowners’ property is required to be a one, two, or three-family residence. Cooperative dwelling units and condominiums also qualify, so long as the property is the primary residence of the homeowner. Furthermore, the combined incomes of the people who own the property must have been less than or equal to $250,000 in the year 2020.

Mayor and Deputy Mayor Statements

In a statement made by Mayor Adams shortly after this bill was signed into legislation, he said, “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. 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.”

Deputy Mayor Lorraine Grillo followed up the Mayor’s statement by saying, ” The Adams administration understands the financial struggles many homeowners are facing and is deploying new and innovative approaches to meet their needs. Through this rebate, qualifying homeowners will receive the assistance that they can use to pay their mortgage, pay their utility bills, or plan their future.”

High Property Taxes and Flawed System

New York City Council member Kamillah Hanks is very supportive of this new legislation. “The high costs of property taxes and our inequitable tax system have been plaguing New Yorkers for far too long”, she says. “ I am glad that through collaboration, leadership, and advocacy from the New York City Council, Speaker Adams, and Mayor Adams, we were able to deliver some much-needed relief for homeowners who need it most”

Checks to be Issued to Eligible Recipients

The NYC department of finance will issue checks to all homeowners deemed eligible for the rebate. Checks will automatically be issued to all the homeowners who are the fiscal year 2023 recipients of the School Tax Relief exemption, or the School tax relief credit.

Wrap Up

The department of finance will also send out letters to those who have given incomplete income information to them. Homeowners who may be eligible but have incomplete income information will be required to certify that they are eligible for the rebate to receive a check. If you are an NYC homeowner that thinks you may qualify for this rebate, call your accountant or advisor so that they can verify your income and tax status and help you find out if you will be a recipient of the rebate.

 
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