I have been a proud resident of New York for my entire life. I love my state but it has a crazy high cost of living. Therefore, when you hear of a tax credit, take it seriously! In this post, I will share information about the NYS Property tax relief credit. Enjoy!

  

NYS Property Tax Relief Credit

  

If you’re a homeowner receiving a STAR benefit, and your locality kept its tax increases under the tax cap, we’ll automatically send you a check for your property tax freeze and relief credits. You don’t need to take any action or call; we’re continuing to send checks.

  

Beginning this year and extending through 2019, a new property tax relief credit will provide direct relief to qualifying New York State homeowners.

For each year you are eligible for the property tax relief credit, you will automatically receive a check. To qualify, you must:

• live in a school district that is complying with the New York State property tax cap,
• receive either the Basic or Enhanced STAR property tax relief,
• have an income of $275,000 or less, and
• have paid school property taxes in 2016.

This year:

• Upstate—each eligible taxpayer will receive $185.
• Downstate—qualifying taxpayers will receive checks for $130. (For the purposes of this credit, downstate includes the counties of Dutchess, Nassau, Orange, Putnam, Rockland, Suffolk, and Westchester.)
• The property tax relief credit will be in addition to the existing property tax freeze program. 

Beginning in 2017, the property tax relief credit will be a percentage of a homeowner’s STAR benefit, with lower incomes receiving a higher percentage benefit.

The credit will be fully phased in as of 2019. 

New York City

New York City is not subject to the tax cap. For this reason, city residents are not eligible for this credit. If you are a New York City homeowner or renter, you may, however, be eligible for the New York City enhanced real property tax credit.

Source: https://www.tax.ny.gov/pit/property/property-tax-relief.htm