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Middle Class State tax cut

In what will ultimately result in a $1.3 billion property tax cut, the largest in New York state history, the New York State Department of Taxation and Finance (DTF) has begun mailing information to homeowners about Governor Eliot Spitzer’s new Middle Class STAR rebate program.
For the first time, property tax rebates will be calculated on a sliding scale corresponding to average regional income and cost of living. Under the new plan, NYC metropolitan region homeowners earning $120,000 or less will receive the maximum rebate. The benefit will gradually decrease until household income reaches $250,000 whereupon homeowners would no longer be eligible for the new relief but would continue to receive their current STAR benefit.
According to Tom Bergin, Director of Public Information at the DTF, just under 213,000 notices on how to apply for the rebates will be sent to Queens residents soon.
Upon receipt of their Middle Class STAR rebate notice, homeowners can apply online at www.nystax.com or by mail. Although online applications are processed faster, homeowners can expect to receive their rebate checks just weeks after applying.

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