Millions of homeowners in New York are compensated for property tax: when to wait for the money
'20.04.2022'
Nadezhda Verbitskaya
More than 2 million homeowners in New York City will receive property tax refunds as part of the new state budget. Compensation checks will be mailed to homeowners in the fall. This compensation will be in addition to the regular STAR (school tax relief payment) payment. STAR Program Reimburses Property Taxes for Eligible New York State Homeowners, Reports Syracuse.
The average payout in upstate New York will be about $970. The median payout in New York City will be about $425, officials said. The entire compensation program will cost the state approximately $2,2 billion.
The tax credit will be available to taxpayers who own and live in property that is already eligible for a basic or extended STAR rebate. The amount of the check will depend on the level of income and the level of property tax paid.
This is a revival of the property tax offset program that expired in 2019, but with some changes. This year's program lowered the highest eligible income for compensation recipients from $275 to $000.
On the subject: New York Senior Tax Credits: How to Get Them and Why It's Harder Than It Looks
This program will last only one year. This is an advance on 2022 tax returns that will be mailed this fall. Taxpayers do not need to submit any applications to receive it.
How payments will be calculated
For upstate New York taxpayers who qualify for basic STAR compensation and earn up to $75 per year, the credit will be 000% of 163 STAR. In New York City it would be 2021%. The average compensation for people in this income category will be about $125, and more than 1050 people will receive it.
New York State residents who qualify for basic STAR compensation and earn between $75 and $000 will receive a credit equal to 150% of the STAR amount. Upstate New Yorkers who have a basic STAR and earn between $000 and $115 will receive a loan worth 150% of the STAR amount. In New York City, the payout for this category is 000% of the STAR amount.
Upstate New Yorkers who qualify for the base STAR payment and earn between $200 and $000 will receive 250% of the STAR amount.
