Some residents of New York may get an early summer surprise as a new stimulus check may be heading their way very soon. The stimulus check we are talking about is the tax rebate for homeowners.
Change Of Date For The Homeowners’ Rebate Stimulus Checks
According to the original schedule, the homeowners’ rebate stimulus checks were supposed to arrive during Fall. However, some residents of New York are reporting that they have received theirs already in their mail.
This stimulus check is a program that lasts for one year. Its aim is to provide direct aid to approximately 3 million homeowners who are eligible for 2022. Sending these tax rebate stimulus checks has an estimated cost of about $2.2Bil for the State of New York. In April, the budget of the state included the program.
At first, New York Governor Kathy Hochul had called for a tax rebate for properties worth about $1Bil. This would help the residents partially deal with the coronavirus pandemic’s raging financial impact as well as the inflation. The present form of the program is estimated to reach about 2.5Mil homeowners in New York.
The amount in each tax rebate stimulus check will vary depending on multiple factors. This includes the location of the property, the income of the recipient, as well as whether the owner of the property receives basic STAR or enhanced STAR. The rebate program known as STAR gives eligible homeowners a reprieve on their taxes for school if their annual income is below $500,000.
As for these New York checks, the annual income of the resident must be below $250,000. Furthermore, they must also qualify for the state rebate program for the property tax for schools. Owners can consult the website of the State’s Taxation and Finance Department to check their eligibility.