Hundreds of thousands of low and middle income New York City homeowners could soon get an up to $150 one-time property tax rebate, thanks to a bill Mayor Eric Adams signed into law Wednesday morning.
At the City Hall bill signing Wednesday morning, Adams said the rebate is a way to provide much needed relief to struggling low and middle income homeowners impacted by the coronavirus pandemic.
“Right now too many New Yorkers and middle income homeowners across our city are struggling,” Adams said. “COVID-19 has brought a level of despair for them. It has made matters worse. Working people lost wages, while their cost of living continues to increase. And we want to remove some of that worry and burden that New York homeowners are feeling. Today we deliver for them. These council members came together and made sure to produce a bill that would give relief to these homeowners.”
Adams was joined by a bipartisan group of City Council Members behind the bill including City Council Members Justin Brannon (D-Brooklyn), Kalman Yeger (D-Brooklyn) and Kamillah Hanks (D-Staten Island) as well as City Council Minority Leader Joe Borelli (R-Staten Island). The bill was also co-sponsored by City Council Speaker Adrienne Adams.
The legislation – Int. 600 – directs the city Department of Finance (DOF) to give home, co-op and condo owners who make no more than $250,000 a year up to $150 back on their 2022 property taxes, according to a release. The rebate was part of the city budget deal reached by the mayor and City Council in early June.
Families who received the School Tax Relief (STAR) exemption or credit for fiscal year 2023, who can be verified by DOF, will receive the rebate automatically. DOF will alert STAR recipients for whom it has incomplete information, so they can certify their eligibility and get their checks.
There will also be a separate application process created for non-STAR recipient homeowners who may be eligible for the rebate, according to a release. That application will be due in September and checks will be mailed in the fall.
Brannon said this rebate is the first time in 15 years the city is giving money back to middle and low-income homeowners. And it shows the city recognizes that the property tax system is broken and needs to be revamped, although that power lies with state lawmakers in Albany.
“I like to call it a rebate while you wait, while we wait to get the property tax system actually reformed,” Brannon said. “This is a good faith down payment to say ‘look, we’re working on it.’ We need our partners in Albany to help us out. But this is the city saying we’re serious about fixing this. And this is just a little bit to ease your burden.”
Hanks applauded the bipartisan nature of the legislation.
“This was a truly bipartisan effort with my colleagues in New York City Council that put money in the pockets of homeowners and we’re glad to be able to get it done,” she said. “My colleague Joe Borelli says they’re Borelli Bucks and Hanks Bank.”