Check's in the Mail

The Check’s in the Mail

It’s that time of year again; the cooler weather, snow days and the Property Tax Credit Checks.  Yes, you read that right!

If you own a home in New York State and your taxing district has complied with certain requirements, you may be receiving a check to offset the increase in your property tax bill.  This year, New York will include the $130 or $185 property tax relief credit in the same check.  Sorry New York City residents, this doesn’t apply to you, since you aren’t subject to the tax cap.

Will I get a check?

To be eligible for the Property Tax Freeze / Relief check, you must:

1    1.   Receive the STAR exemption

2    2.  Be located in a tax jurisdiction that remained under the NYS property tax cap and has an approved

           Government Efficiency Plan that reduces costs.

3    3.  Live in applicable counties (not NYC)

4    4.  Have income of $275,000 or less

How much will I get?

This is what everyone really wants to know.  The amount of the check is generally equal to the increase in your tax bill.  If there was no increase,  the State will multiply the previous year’s bill by an inflation factor (but no more than 2%), to determine the amount.  Your property tax relief credit, either $130 or $185 will be included as well.  The amount is $130 for Nassau, Suffolk, Orange, Putnam, Rockland Westchester, and Dutchess counties.  All other counties (except New York City) receive $185.

When will I receive my check?

Be on the look out this winter for your check, according the the State.  In past years, some homeowners received checks into January and beyond.

Tax time hint

Save that tiny stub that is attached to your check with your income tax documents, and note the date you received it.  Your CPA will need that information at tax time.

Honorine M. Campisi, CPA