Some New York homeowners will be getting a check from the state in the coming weeks in the form of a tax rebate credit. The homeowner tax rebate credit (HTRC) is a one-year program providing property tax relief to eligible homeowners just this year.

When to Expect HTRC Check?

If homeowners qualify, they will automatically be sent their credit in check form. Most checks are expected to be sent throughout June; if they are not sent by early July you can expect them before your school tax bill is due.

Rebate Credit Amounts

The amount one will receive is based off where their home is located, how much income they generate, and whether one received Enhanced STAR or Basic STAR. To find the exact amount of the rebate credit please check the following link: https://www.tax.ny.gov/pit/property/htrc/lookup.htm

Non- NYC Residents

For non-NYC residents, the credit will be equal to 66% of the 2021 Enhanced STAR exemption savings regardless of your community. If you received the Basic STAR exemption, credit will be a certain percentage of the Basic STAR exemption savings: 163% for residents with income between $0- $75,000, 115% for income between $75,000.01- $150,000, 66% for income between $150,000.01-$200,000, and 18% for income between $200,000.01-$250,000.

NYC Residents

For NYC residents, the credit will be equal to 110% of the 2021 Enhanced STAR exemption savings regardless of your community. If you received the Basic STAR exemption, credit will be a certain percentage of the Basic STAR exemption savings: 125% for residents with income between $0- $75,000, 115% for income between $75,000.01- $150,000, 105% for income between $150,000.01-$200,000, and 100% for income between $200,000.01-$250,000.

Limitations

Your homeowner tax rebate cannot exceed your net tax liability for ‘22-’23 school year after taking into account your 2022 STAR benefit. By law the tax department cannot issue a credit less than $100.

Definition of Income for the Homeowner Tax Rebate Credit

For HTRC, income is defined as federal adjusted gross income (FAGI) from the two years prior income:

• the net amount of loss reported on federal Schedule C, D, E or F is $3,000 or less,
• the net amount of any other separate category of loss is $3,000 or less, and
• the aggregate amount of all losses is $15,000 or less.

Contact EFPR Group for further information on the HTRC. The materials contained herein are intended for educational and informational purposes only and do not constitute tax or legal advice. Readers are responsible for obtaining such advice from their own tax and legal counsel.

IRS Circular 230 disclosure: Any information contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding any penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction(s) or tax-related matter(s) that may be addressed herein.

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