Hundreds of thousands of New York City homeowners will receive tax rebates thanks to legislation passed and signed by city leadership.
Mayor Eric Adams signed the legislation on Wednesday, providing a one-time property tax rebate of up to $150, according to a press release. The bill, signed by the city council earlier this month, was co-sponsored by New York City Council Speaker Adrienne Adams and Councilmembers Justin Brannan and Kalman Yeger.
Mayor Adams said in a statement that this tax rebate will relieve some of the financial burdens for low- and middle-income homeowners struggling to get by.
TAX REBATES 2022: DIRECT CHECK PAYMENTS WORTH UP TO $300 TO BE SENT OUT IN JUST WEEKS
“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,” he said.
Homeowners eligible for the rebate must have a one-, two-, or three-family residence or a dwelling in a condominium or cooperative, and that property must be the primary home of the owner, the release said. The annual income of all the owners of the property must have been less than or equal to $250,000 in tax year 2020.
Yeger said in a statement that this is a reminder that tax dollars belong to the tax owners, not the tax spenders.
“In the midst of an inflation and economic crisis touching every corner of our city, any relief we can give taxpayers is necessary,” he said.
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New York state ranks No. 47 for the worst property taxes, followed by Illinois, Vermont, Connecticut, and Washington, D.C., according to the Tax Foundation’s 2022 State Business Tax Climate Index.
New York takes in $3,025 in property tax collections per capita, collected taxes divided by the population, behind New Jersey at $3,378 and New Hampshire at $3,362.
