New York State Homeowner Tax Rebate Credit

New York State offers a tax rebate credit for homeowners who meet certain eligibility criteria. The credit provides a refundable amount of money to eligible taxpayers to help offset the cost of property taxes.

Eligibility

To be eligible for the New York State Homeowner Tax Rebate Credit, taxpayers must meet the following criteria:

• Must own and have lived in their primary residence for at least six months of the year
• Must have a household income of $275,000 or less
• Must have paid property taxes during the tax year for which the credit is claimed
• Must have either received the STAR exemption or credit or have been eligible for the STAR exemption or credit but chose to receive the tax rebate check instead

Credit Amount

The amount of the credit is based on the amount of property taxes paid by the taxpayer during the tax year, as well as the taxpayer’s income. The credit is calculated as a percentage of the taxpayer’s property taxes, up to a maximum of $350. The credit percentage varies depending on the taxpayer’s income, with higher percentages available to lower-income taxpayers.

How to Claim

To claim the New York State Homeowner Tax Rebate Credit, taxpayers must file Form IT-214, Claim for Real Property Tax Credit, with their New York State income tax return. The credit is refundable, which means that eligible taxpayers will receive the full credit amount even if it exceeds their tax liability.

Deadlines

The deadline to file for the New York State Homeowner Tax Rebate Credit is generally the same as the deadline to file a New York State income tax return, which is April 15 for most taxpayers. However, the deadline may be extended in certain circumstances, such as for taxpayers who file for an extension to file their income tax return.

Conclusion

The New York State Homeowner Tax Rebate Credit can provide significant relief to eligible taxpayers struggling to pay property taxes. Taxpayers who meet the eligibility criteria should consider claiming the credit to help reduce their tax burden.