A bit of financial relief may soon be to residents of New York City in an attempt to help offset the increasing living costs. These NYC-sponsored stimulus checks are taking the appearance of tax rebate on properties that is only available for one time. Several hundred thousand low to middle-income homeowners of NYC can expect this rebate, which can reach $150.
Who Can Hope To Get The NYC Stimulus Checks?
In the previous month, Eric Adams, the mayor of NYC signed off on legislation that will allow the state to issue one-time tax rebates on properties, up to a maximum of $150, to homeowners in New York who meet the criteria. The Council of NYC passed and approved the bill in the previous month.
In a subsequent press release, Mayor Adams had talked about the administration’s intention to relieve a part of the New Yorkers’ present burden. As such, this is the reason why they have decided to return a bit of money (in the form of the homeowners’ stimulus check) to the residents’ pockets. The checks are targeted toward homeowners who fall in the low to middle-income range.
These NYC stimulus checks will be issued to homeowners whose combined income was equal to or less than $250,000 during the tax year of 2020. Furthermore, eligible properties for the tax rebate include one to three-family residential properties as well as cooperative dwellings and condominiums. Finally, the owner’s primary home should be the property in order for it to be eligible.
Additionally, the taxpayer has to be a resident of New York City to receive the tax rebate stimulus check. The exact tax rebate amount will be either the tax liability of real estate or $150, whichever is lesser. The DOF (Finance Department) has already begun to mail out these relief checks.