Living in NYC pretty much has our bank accounts fighting for their lives–and the fact that NYC has the fifth biggest inflation problem in the U.S. certainly is not helping. Now what is helping (albeit, veryyy slightly) is those inflation stimulus checks–here’s when you’ll receive yours and how much you’ll receive–but that’s not the only money heading our way as millions of New Yorkers will receive tax relief checks this summer and fall.
On Wednesday, June 18th, Governor Kathy Hochul announced that nearly three million New Yorkers will receive $2.2 billion in tax relief this summer and fall through New York’s School Tax Relief (STAR) program.
Eligible New York homeowners–generally those with incomes under $500,000–will begin receiving their check in the mail as early as next week, and checks will continue being distributed statewide throughout the coming summer and fall months. Most homeowners eligible for a STAR credit will receive a check between $350 and $600, while most seniors eligible for an Enhanced STAR credit will receive a check between $700 and $1,500.
Homeowners and seniors who are eligible and enrolled in the STAR program receive their benefit each year in one of two ways: as an exemption that reduces their school tax bill, or as a credit issued as a check or direct deposit. According to the press release, some recipients have already received a tax exemption this year, thus the tax relief checks are for those who haven’t yet received their benefit.
The program, which provides property tax relief to eligible homeowners and seniors statewide, is part of Hochul’s ongoing efforts to put more money back in New Yorkers’ pockets. The STAR benefits received by each recipient are based in part on local school taxes and vary based on the county in which the individual resides, among other factors. Hochul stated:
Summer is here — and it’s also the start of STAR tax relief season for millions of New Yorkers. From tax credits to child care assistance and much more, we’re continuing to put more money back in New Yorkers’ pockets.
STAR recipients can go online to track their check delivery or enroll in direct deposit. If you’re a new homeowner, or you’re currently not receiving STAR benefits, check out the Tax Department’s website to learn how to enroll and start saving.