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The rebate is part of a one-year program that will provide direct property tax relief to eligible homeowners, according to the New York State Department of Taxation and Finance. Those who qualify will automatically be sent a check for the amount of their credit.
The first checks were sent out in early June. Eligible homeowners who don’t receive one by early July can expect to get it before their school tax bills are due, the Tax Department said.
To be eligible, you must meet these criteria:
You qualified for a 2022 STAR credit or exemption
You had annual income that was less than or equal to $250,000 for the 2020 income tax year
You have a school tax liability for the 2022-2023 school year that is more than your 2022 STAR benefit.
You don’t need to calculate your income to receive the homeowner tax rebate credit. The Tax Department will calculate income for eligibility purposes and issue the credit based on that determination.
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The amount of the rebate depends on a few different factors, including your income, home location and whether you receive Enhanced STAR or Basic STAR. The credit amount 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.
Here’s an example:
If you receive the Basic STAR credit, 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, which in this case is $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.
For the homeowner tax rebate credit, income is defined as federal adjusted gross income (FAGI) from two years prior (tax year 2020), modified so that:
The net amount of loss reported on federal Schedule C, D, E or F is $3,000 or less,
The net amount of any other separate category of loss is $3,000 or less
The aggregate amount of all losses is $15,000 or less.
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This article originally appeared on GOBankingRates.com: Tax Rebate: 3 Million New York Homeowners To Receive Checks In June — Do You Qualify?