Bill > S08280

This bill amends the real property tax law to provide a property tax rebate for eligible property owners in New York City for the fiscal year beginning July 1, 2024. The key changes include raising the qualified gross income threshold from $250,000 to $500,000, increasing the maximum rebate from $150 to $175, and adjusting various dates related to property ownership and application deadlines. The rebate is available to property owners whose property serves as their primary residence, including those who own cooperative apartments. Property owners who receive certain tax exemptions (like STAR credits) will automatically receive the rebate without needing to file an application. To be eligible, property owners must have owned and used the property as their primary residence, and the rebate amount will be the lesser of $175 or the annual property tax. The bill also provides a process for applying for the rebate electronically, with potential waivers for those unable to do so, and establishes rules for denying or revoking rebates if property ownership or residency requirements are not met. The changes aim to provide financial relief to New York City homeowners by offering a modest property tax rebate to those meeting specific income and residency criteria.

Government Affairs

https://www.nysenate.gov/legislation/bills/2025/S8280