MAYOR ADAMS SIGNS LEGISLATION TO PROVIDE PROPERTY TAX REBATE FOR NYC HOMEOWNERS

 

Intro 600 Will Provide Financial Relief to Hundreds of Thousands of Eligible Homeowners Throughout Five Boroughs

 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 Mayor 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.”

 

“The Adams administration understands the financial struggles many homeowners are facing and is deploying new and innovative approaches to meet their needs,” said First Deputy Mayor Lorraine Grillo. “Through this rebate, qualifying homeowners will receive assistance that they can use to pay their mortgage, pay their utility bills, or plan for their future.”

 

“Thanks to this legislation, eligible homeowners can receive a check of up to $150,” said New York City Department of Finance (DOF) Commissioner Preston Niblack. “We encourage any homeowner who believes they qualify for this rebate to check their eligibility status.”

 

Intro 600 — co-sponsored by New York City Council Speaker Adrienne Adams, New York City Councilmember and Finance Committee Chair Justin Brannan, and New York City Councilmember Kalman Yeger, and long championed by New York 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 FY 2022 real estate tax liability.

 

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.

 

Checks will be issued by the 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 DOF 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.