Bill > S03303

This bill provides a real property tax relief credit and an enhanced real property tax circuit breaker credit for certain taxpayers who meet specific income and residency requirements. For the property tax relief credit, eligible taxpayers must be New York residents who own and primarily reside in a property receiving either the STAR (School Tax Relief) exemption and have a qualified gross income no greater than $275,000. The credit amount varies based on income levels, with higher-income households receiving a smaller percentage of their STAR tax savings. The credit is not available for properties in certain school districts or in New York City. The enhanced real property tax circuit breaker credit is specifically designed for residents of cities with populations over one million (essentially New York City), with credit amounts calculated based on household gross income and excess real property taxes. The credit has income thresholds and various conditions, such as requiring the property to be primarily residential and occupied by the owner. Both credits aim to provide tax relief to homeowners and renters by offsetting property tax burdens, with the credits being implemented starting in the 2026 tax year. The bill includes detailed provisions for calculating eligibility, credit amounts, and administrative procedures for claiming these credits.