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NEW YORK CITY-Gov. Eliot Spitzer has signed into law legislation allowing New York City to extend, for three additional fiscal years, the $400 property tax rebate for eligible home, co-op and condominium owners. When combined with the governor's recently enacted STAR tax relief increase and Mayor Michael Bloomberg's property tax cut, city residents will receive a combined total of more than $2 billion in tax relief this year.
The NYC tax relief extension totals more than $250 million and will be sent to an estimated 640,000 owners who qualify for the rebate, including 460,000 who own one, two- and three-family homes and 180,000 who own co-ops or condominiums. "This law allows us to put millions of dollars back into the pockets of hardworking New York City homeowners who sacrificed the most when the city was in need," says Spitzer in a prepared statement. "I'm pleased that we were able to work with Mayor Bloomberg, Sen. Golden and Assemblyman Farrell to make this happen. Coming as it does on top of the STAR tax relief we achieved in this years budget, this provides substantial assistance to New York City families."
The original statute authorizing the rebate was passed in 2004. It required New York City to reduce property taxes to provide additional relief to taxpayers who had received an 18.5% property tax increase in 2003.
This tax relief is in addition to the approximately $1.4 billion that an estimated 3.2 million city renters and homeowners will receive this year from the New York State STAR program. This year's Enacted State Budget provided city residents with $223 million more in STAR tax relief than they received last year primarily by increasing the personal income tax credit from $230 to $290 for individuals filing joint returns and from $115 to $145 for all others and establishing a new middle class STAR rebate program for people with income up to $250,000.
Bloomberg says, "the tax rebate is an important part of the more than $1.5 billion in tax reductions that were part of this year's city budget. The $400 rebates will send money back to the New York City taxpayers and homeowners who helped our city get through the fiscal crisis that followed 9/11--and they will help continue the strong economic growth we have been fostering in all five boroughs."
Sen. Marty Golden says "cutting taxes is the single most important thing we can do to help working families make ends meet. With the cost of living rising due to increases in energy prices, taxpayers are feeling the effects at the gas pump, in our energy bills, and for many other day-to-day goods and services. As the Senate sponsor of this legislation, extending the $400 property tax rebate for an additional three years was a priority of mine and I will continue working to deliver tax cuts to the hardworking taxpayers of our great city."
Spitzer also increased shelter allowance to help preserve public housing opportunities for low-income New Yorkers.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
