The New York State homeowner tax rebate credit (HTRC) is a one-year program benefitting nearly three million eligible homeowners in 2022.
Eligibility
To be eligible, you must have:
- qualified for a 2022 STAR credit or exemption,
- had income that was less than or equal to $250,000 for the 2020 income tax year, and
- a school tax liability for the 2022-2023 school year that is more than your 2022 STAR benefit.
Tax Rebate Credit Amount
Click here to look up the amount you will receive on the New York State Department of Taxation and Finance website.
Limitations
The amount of your homeowner tax rebate credit cannot be more than the amount of your net school tax liability for the 2022–2023 school year after taking into account your 2022 STAR benefit. For example:
- If you receive the Basic STAR credit, and your school tax bill is $1,000 and your STAR check is $600, then your homeowner tax rebate credit cannot be more than the difference ($400).
- If you receive the Basic STAR exemption on your school tax bill, and your school tax bill is $400, your homeowner tax rebate credit cannot be more than $400.
By law, the Tax Department cannot issue a homeowner tax rebate credit for less than $100.
How Does It Work?
New York State has already started mailing checks to eligible recipients. They state that most checks are expected to be mailed in June. If you don’t receive your check by early July, you can expect to receive it before your school tax bill is due.
For more information and frequently asked questions, visit the New York State Department of Taxation and Finance’s website here.
If you have any questions, please reach out to your personal Sciarabba Walker contact or email us at info@swcllp.com.