Good news! New York State is giving residents who are homeowners a little respite from all of the talk about inflation, stock market drops, interest rates, and recessions. Homeowner tax rebate checks are in the mail and should arrive in mailboxes across the state this month!

Residents who earn less than $250,000 and are eligible for the STAR (school property tax rebate program) will receive a check. The value will be based on income, where the house is located, and the type of STAR rebate you are eligible for – basic or enhanced. Almost 3 million New York residents will receive checks.

You don’t have to do anything – the state is determining eligibility and payment amounts. If eligible, you’ll automatically receive payment this month (early July, at the latest).

For complete details, visit the New York State Department of Taxation and Finance website. There are answers to frequently asked questions and a “Check Lookup” tool to help you determine how much you may receive.

As always, if you have any questions about tax implications, RBT CPAs is here to help. Give us a call today.