Mayor Adams signs Local Law 82 into law. Image Credit: Office of Mayor Eric Adams.
Homeowners of a one, two, or three family residence are now eligible for a $150 tax rebate. On August 24, 2022, Mayor Adams signed Local Law 82 into law. The bill authorizes a one-time property tax rebate up to $150 to hundreds of thousands of eligible New York homeowners. The bill was introduced (Intro 600) and voted on by the City Council in early August, passing by a unanimous vote following a public hearing.
The law will implement a state authorizing law that allows the City to provide a rebate of real property taxes for eligible properties on FY 2022 taxes. Eligible properties are one, two, or three family residences or dwelling units in a cooperative or condominium. The property must be the primary residence of the owner, and the annual income of all owners of the property must have been less than or equal to $250,000 in the 2020 tax year. The rebate will be issued one time and will be the lesser of $150 or the amount of the property’s FY 2022 real estate tax liability.
New York City Mayor Eric Adams shared, “I grew up on the edge of homelessness, so I know the worry and fear that too many low- and middle-income homeowners across the five boroughs experience about whether they can keep their homes and pay their bills. We want to remove some of the burden that New Yorkers are feeling, which is why we are putting money back into their pockets with a property tax rebate of up to $150 to low- and middle-income homeowners. This is about delivering direct relief to homeowners in New York who are struggling to get by.”
Checks will be issues by the Department of Finance (DOF) to eligible homeowners. Fiscal Year 2023 recipients of a School Tax Relief (STAR) exemption or credit for whom DOF can verify eligibility will automatically receive checks, which will be sent out at the end of August. DOF will send letter notifications to STAR recipients for whom they have incomplete income information. For non-STAR recipients, an application process is being created, and expected to go live in November of this year.
The bill was co-sponsored by New York City Council Speaker Adrienne Adams, New York City Councilmember and Finance Committee Chair Justin Brannan, and New York City Councilmember Kalman Yeger, and long championed by New York City Council Minority Leader Joe Borelli.
Minority Leader Joseph Borelli shared, “We could not wait for Albany to do its job to fix our inequitable property tax system, so we did ours, and delivered some property tax relief now. I was pleased to lead a bipartisan effort during budget negotiations, along with Councilman Brannan and Speaker Adams, to ensure homeowners would receive a property tax rebate this year.”
Councilmember Justin Brannan stated, “I was proud to sponsor and lead the charge on New York City’s first property tax rebate in 15 years. Today we are putting money directly back into the hands of working- and middle-class families. There is still lots of work to do when it comes to property tax reform and we need our partners in Albany to get serious. To all condo, co-op, and homeowners: consider this a good faith rebate from the city while you wait.”
Councilmember Kalman Yeger added, “Providing tax relief to New York City’s homeowners is fair, necessary and fiscally responsible…In midst of an inflation and economic crisis touching every corner of our city, any relief we can give taxpayers is necessary. . . I’m hopeful that this serves as a reminder that tax dollars belong to the taxpayers, not the tax spenders.”
By: Samantha Silverstein (Samantha is a CityLaw intern and a New York Law School student, Class of 2024.)
Mr Mayor, Mr Shiny Shoes once again insulting hardworking New Yorkers and homeowners with a useless handout. We are reminded of the nearly 8,000 and more foreign aliens that have entered the US illegally as lawbreakers and felons now shipped to NYC from Texas and lauded upon and embraced by the Mayor as heroes. They all have been showered with housing at a 5 star hotel, freebies, handouts and benefits to the tune of $300 million. And all Mr Shiny Shoes wants to deliver is a $150 rebate to homeowners. Those Progressive homeowners in NYC that voted for this refuse of a Mayor are much to blame for all this.