New York City Mayor Eric Adams today signed legislation to provide a one-time property tax rebate of up to $150 to hundreds of thousands of eligible New York homeowners. The bill was passed by the New York City Council earlier this month.
“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,” said Adams. “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.”
Intro 600 — co-sponsored by New York City Council Speaker Adrienne Adams, City Councilmember and Finance Committee Chair Justin Brannan, City Councilmember Kalman Yeger, and long championed by City Council Minority Leader Joe Borelli — will implement a state authorizing law, allowing the city to provide a rebate of real property taxes for eligible properties on Fiscal Year 2022 property taxes. The rebate would be the lesser of $150 or the amount of the property’s Fiscal Year 2022 real estate tax liability.
“Thanks to this legislation, eligible homeowners can receive a check of up to $150,” said New York city Department of Finance Commissioner Preston Niblack. “We encourage any homeowner who believes they qualify for this rebate to check their eligibility status.”
To be eligible for the rebate, the property must be a one-, two- or three-family residence or a dwelling unit in a cooperative or condominium; and the property must be the primary residence of the owner. In addition, the annual income of all the owners of the property must have been less than or equal to $250,000 in tax year 2020.
“I was proud to sponsor and lead the charge on New York City’s first property tax rebate in 15 years,” said Brannan, a Brooklyn Democrat. “Today we are putting money directly back into the hands of working- and middle-class families. There is still lots of work to do when it comes to property tax reform and we need our partners in Albany to get serious. To all condo, co-op, and homeowners: consider this a good faith rebate from the city while you wait.”
“We could not wait for Albany to do its job to fix our inequitable property tax system, so we did ours, and delivered some property tax relief now,” said Borelli, a Staten Island Republican. “I was pleased to lead a bipartisan effort during budget negotiations, along with Councilman Brannan and Speaker Adams, to ensure homeowners would receive a property tax rebate this year.”
Checks will be issued by the Department of Finance (DOF) to eligible homeowners. Fiscal Year 2023 recipients of a School Tax Relief (STAR) exemption or credit for whom DOF can verify eligibility will automatically receive checks, which will be sent out at the end of August.
DOF will notify — by letter — STAR recipients for whom the finance department has incomplete income information. These property owners will be required to certify their eligibility to receive a check. An application process is being created for other property owners who do not receive the STAR exemption, but who may be eligible for the rebate. The additional information or application will be due in September, and checks will be sent out to owners that DOF determines to be eligible in the fall.
