Bill > A08806

This bill amends the real property tax law to modify a rebate program for property owners in New York City for the fiscal year beginning July 1, 2024. The key changes include raising the income eligibility threshold from $250,000 to $500,000 for property owners seeking the rebate, adjusting the rebate amount from $150 to $175 (or the full annual tax if lower), and extending the program's dates to the 2024-2025 fiscal year. The bill applies to properties serving as the owner's primary residence and includes provisions for cooperative apartments and various property ownership types. Property owners who receive certain tax exemptions (like STAR credits) will automatically be considered for the rebate without needing to file an application. The bill also modifies the requirements for demonstrating primary residence, filing applications electronically, and sets guidelines for reviewing and potentially denying rebate applications. Owners will need to have their property ownership recorded by June 30, 2025, and the rebate program includes mechanisms for challenging denials and addressing potential misrepresentations about income or residency status.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A8806