A rebate against real property taxes for certain owners of real property.

A Local Law to amend the administrative code of the city of New York, in relation to a rebate against real property taxes for certain owners of real property

The legislation implements a state authorizing law allowing the City to provide a rebate of real property taxes for eligible properties on fiscal year 2022 property taxes. The rebate would be the lesser of $150 or the property’s annual real estate tax liability. To be eligible for the rebate: (1) the property must be a one, two or three family residence or a dwelling unit in a cooperative or condominium; and (2) the property must be the primary residence of the owner. In addition, the income of all of the owners for whom the property serves as their primary residence cannot exceed $250,000.