Gov. Hochul announces $216 billion budget for New York

On January 18, Governor Kathy Hochul has unveiled the 2023 fiscal year New York State executive budget. 

The $216 billion executive budget includes initiatives that will increase public safety, rebuild healthcare, support the teacher workforce, address climate change, and more. Gov. Hochul also plans to invest about $25 billion into housing and create property tax rebates for homeowners. 

New York is known to have one of the nation’s highest property taxes. Currently, the School Tax Relief (STAR) program offers tax relief to eligible homeowners with a combined income of $500,000 or less. Gov. Hochul has proposed to launch the Homeowner Tax Rebate Credit that will become an addition to the STAR program. 

On average, STAR recipients will be eligible to receive a $970 tax relief credit if they live outside New York City. For NYC, the benefit will be about $425.

Rebate checks are part of the total STAR benefits, which means your homeowner tax rebate credit depends on how much you currently receive through STAR. Therefore, residents of high-tax school districts will receive more substantial tax relief. The rebate checks will be sent to homeowners in Fall 2022. 

"We have the means to immediately respond to the COVID-19 pandemic as well as embrace this once-in-a-generation opportunity for the future with a historic level of funding that is both socially responsible and fiscally prudent," Governor Hochul said in a statement released with the budget. 

The FY 2023 Executive Budget features the initiative to launch a five-year Comprehensive Housing Plan. The $25 billion proposal aims to create and preserve 100,000 affordable homes, including 10,000 supportive homes for vulnerable New Yorkers. In addition, the housing plan will electrify 50,000 residential units, and as a result, reduce the state’s carbon footprint.

 "As I said in my State of the State speech: It's time for a better, fairer, and more inclusive version of the American Dream. I'm calling it the New York Dream. We will make that New York Dream real - and ensure that it can be realized by every single New Yorker," Gov. Hochul said. 

Resources:

“Governor Hochul Announces Highlights of FY 2023 Budget,” (New York State, 2022)

“FY 2023 Executive Budget Highlights,” (New York State)

“Hochul’s $216B Budget Includes $25B for Housing and Property Tax Rebates,” by Mark Hallum (Commercial Observer, 2022)

“Hochul wants to send $2.2 billion in property-tax rebate checks in fall of election year,” by David McKay Wilson (lohud., 2022)

“STAR resource center,” (New York State)