Tax Planning

New Help with Tax Relief

New Help with Tax Relief

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NOTICE:  New York recently enacted a new law, called the “Real Property Tax Relief Credit” to provide a tax credit for New York resident homeowners with incomes up to $250,000 -- if their total property tax exceeds 6 percent of an eligible taxpayer’s adjusted gross income. You may be eligible to receive the income tax credit!

The rule targets New York families with the highest property tax to income burden. It is expected that claims will average about $340. Qualified homeowners will be able to claim this new Property Tax Relief credit for taxable years 2021, 2022, and 2023.

 

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