State Signs Legislation for Tax Rebate Extension

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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.”