NYC homeowners will receive up to $150 property tax rebate

Hundreds of thousands of New York City homeowners will receive a one-time property tax rebate of up to $150. The legislation, known as Intro 600, was passed by the City Council earlier this month and signed by Mayor Eric Adams last week.

The city will provide tax rebates to low and middle-income homeowners with an annual income less than or equal to $250,000 in the tax year 2020. Eligible properties include one, two, or three-family homes in a cooperative or condominium. In addition, the property must be the primary residence of the owner. 

“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,” Mayor Adams said. "This is about delivering direct relief to homeowners in New York who are struggling to get by.”

The Department of Finance (DOF) will start sending out checks to eligible homeowners as early as this month. Recipients of a School Tax Relief (STAR) exemption in the fiscal year 2023 for whom DOF can verify eligibility will be sent checks automatically at the end of August, according to the press release. 

STAR recipients with incomplete income information will receive a letter from DOF with instructions on how to certify their eligibility for the rebate. Homeowners who have never received a STAR exemption but may be eligible to receive checks will go through an application process that will become available in November. 

The Intro 600 legislation comes after many New Yorkers and public officials, including City Comptroller Brad Lander, have criticized the property tax system and called for reform. A recent Zogby poll showed that nearly 40 percent of NYC residents are looking to leave the city. More than 36 percent of those, who are interested in leaving, cite high taxes as their top reason. 

…“Our current system puts undue burden on homeowners in Southeast Queens, the Bronx, and Staten Island while under-taxing my home in brownstone Brooklyn, which is neither fair nor sustainable,” said Comptroller Brad Lander in a press release that was published after the expiration of the 421-a tax break. “Now is the time to fix it. At the same time, we must eliminate the high tax rate on new rental housing to enable the building of new rental units without massive subsidy. With the 421-a luxury boondoggle gone, we can target our affordable housing dollars where they’re truly needed.”

Resources:

“Mayor Adams Signs Legislation to Provide Property Tax Rebate For NYC Homeowners,” (NYC, 2022)

“NYC to give $150 property tax rebate to low- and middle-income homeowners,” by Aaron Ginsburg (6sqft, 2022)

“NYC homeowners will get at least a $150 property tax rebate; here’s how to get yours,” by Tracey Porpora (silive.com, 2022)

“NYC Homeowners Will Get Up To $150 Property Tax Rebate: Mayor,” by Matt Troutman (Patch, 2022)

“New York City’s Property Taxes Are Crushing Homeowners,” by Donna Borak (Bloomberg, 2022)

“Broad Citywide Coalition Convened by NYC Comptroller Brad Lander Calls for Comprehensive Property Tax Reform as 421-a Sunsets,” (NYC Comptroller Brad Lander, 2022) 

“New Poll: Taxes are Top Reason Residents Looking to Leave New York,” by Peter Warren (Empire Center, 2022)