NYC Tax Rebate: What are the income restrictions and requirements?

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While inflation in the United States has stymied in recent weeks, the cost of living is still much higher than it was at the start of the year. Everything from food to gas prices and rent costs remain at a 40-year high with the US Bureau of Labor Statistics estimating the current rate of inflation at 8.5 percent.

Given the situation several states are now offering residents tax rebates in order to combat the increased cost of living. The state of New York is one of the aforementioned with the state offering residents 150 dollars in a one-off property tax rebate.

“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 dollars to low and middle-income homeowners,” New York City mayor Eric Adams said in a press statement.

“This is about delivering direct relief to homeowners in New York who are struggling to get by.”

Who is eligible for the NYC Tax Rebate?

Apart from living in New York City, applicants must also meet the following criteria.

The property in question must be a one, two or three family residence or part of a dwelling unit in a cooperative or condominium.

The property must be the primary residence of the owner.

The property owner’s income cannot exceed 250,000 dollars during the 2020 tax year.

Those who qualify for the School Tax Relief (STAR) exemption or credit will also automatically qualify to receive the rebate. Over two million homeowners are eligible to receive the STAR rebate checks thanks to the state’s budget deal.

Checks are expected to reach various homeowners in the fall with certain residents already receiving their payments.

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