Relates to a rebate against real property taxes for certain owners of real property in the city of New York for the fiscal year commencing July 1, 2024.
Impact
A08806, if enacted, would directly impact New York City homeowners by allowing them to receive tax rebates on their annual property taxes. This provision may lead to a reduction in the overall tax burden for eligible residents while also potentially stimulating the local economy by making housing more affordable. It highlights an acknowledgment of the rising costs associated with property ownership in urban areas. Furthermore, the bill stipulates that applications for rebates must be filed electronically, which might streamline processes but also raises considerations regarding access for those lacking technological capabilities.
Summary
Bill A08806 aims to amend the real property tax law in New York City, specifically providing a rebate against real property taxes for certain property owners. The bill focuses on properties serving as the primary residence of the owners, where their combined gross income does not exceed $500,000 during the specified tax year. This measure seeks to provide financial relief to eligible homeowners who may be facing high tax burdens, especially in a densely populated and economically diverse city like New York. The rebate is intended to apply to the fiscal year commencing on July 1, 2024, reinforcing the authorities' commitment to easing the financial pressures on local residents.
Contention
Notable points of contention regarding Bill A08806 include concerns about the income threshold established for eligibility and the impact on local tax revenues. Critics may argue that setting the income limit at $500,000 could still exclude many middle-income families who are struggling with property taxes. Moreover, there may be apprehension about whether the provisions can effectively address the needs of residents without placing undue strain on the city's overall budget and financial stability. Thus, ensuring the bill is crafted in a way that suits both the fiscal responsibilities of the city and the needs of its inhabitants remains a critical aspect of the debate.
Same As
Relates to a rebate against real property taxes for certain owners of real property in the city of New York for the fiscal year commencing July 1, 2024.
Creates the New York state home ownership savings plan; creates a property tax exemption related thereto; creates exemptions for properties purchased in target areas with a New York state home ownership savings plan.
Authorizes cities having a population of one million or more to provide a rebate during a specified city fiscal year of a portion of the real property taxes on owner occupied 1, 2, 3, 4, 5 or 6 family residential real property, or residential real property held in the condominium or cooperative form of ownership.
Prohibits the city of New York from increasing property taxes where a property's assessed value has decreased in the previous year; applies only to class one and class two properties.
Prohibits the city of New York from increasing property taxes where a property's assessed value has decreased in the previous year; applies only to class one and class two properties.
Directs a city with a population of one million or more to reduce its real property tax levy for the 2024 fiscal year by an amount not less than the real property tax increase authorized pursuant to local law 40 of the city of New York for the year 2002.
Establishes the end toxic home flipping act; imposes a tax on the transfer of certain residential properties which are sold within two years of the prior conveyance of such property; exempts certain purchases of residential properties from mortgage recording taxes; imposes a tax on the transfer of certain properties in the city of New York which are sold for one million dollars or more.
Establishes the end toxic home flipping act; imposes a tax on the transfer of certain residential properties which are sold within two years of the prior conveyance of such property; exempts certain purchases of residential properties from mortgage recording taxes; imposes a tax on the transfer of certain properties in the city of New York which are sold for one million dollars or more.
Directs the board of standards and appeals in the city of New York to mail a copy of each application for a variance to property owners within 1 mile of the affected property.
Relates to a rebate against real property taxes for certain owners of real property in the city of New York for the fiscal year commencing July 1, 2024.