New York has become one of the costliest states in the country with rents averaging $4,000 per month, nearly 9% tax rates, and at least 60% of its residents living paycheck to paycheck.
However, for many of its residents, relief may be coming in the form of a new stimulus check designed to provide a few extra dollars to offset some of those costs that put a drain on the average bank account.
Governor Kathy Hochul, in conjunction with the Department of Taxation and Finance recently decided to ease the burden of homeowners in the state in the form of a tax rebate stimulus, known as the Homeowner Tax Rebate Credit(HTRC).
The checks, which will go out to roughly 2.5 million homeowners this year, will be issued as a one-time payment to be applied against quarterly property taxes or school tax bills, which can run as high as $34.53 for every $1,000 of a home's calculated value.
In order to receive the stimulus rebate, you must meet the following set of requirements:
- Have an annual income of $250,000 or less for the tax year 2020
- Be considered eligible for a STAR credit or exemption during the current year
- Have a liability for school taxes during the 2022-2023 year that exceeds the STAR benefit
The average check amount for those who reside in the state will be as high as $1,500 while city residents can expect a smaller portion due to state calculations and property values. All residents who qualify will automatically be sent out a payment, while those who are unsure should contact their Department of Taxation for ongoing eligibility.