Stimulus Check Update: Homeowners in This State Can Apply for Rebate

New Yorkers have just days left to apply for a rebate that could offer a check of $1,400 or more.

The deadline to apply for a change in the School Tax Relief (STAR) exemption program is December 31 for New York state residents. The program offers a break on a portion of school property taxes or a rebate check for all eligible homeowners.

There are two credit and exemption programs available—one without age restrictions and one for residents 65 and over.

The Basic STAR credit is available in New York for homeowners' property tax bills. This is a payment, as opposed to the STAR exemption, which offers assistance in paying school taxes.

To qualify for the Basic STAR credit, you must own property in New York state that is your primary residence and have a household income below $500,000. To qualify for the Basic STAR exemption, you must make less than $250,000 per year, along with the requirements.

The Enhanced STAR program is for New York state residents 65 and older whose property is their primary residence. The income limit for this program for 2024 is $98,700.

Those who qualify for the Enhanced STAR might find that the tax exemption is a better option. Like the credit, it's only available for those age 65 and older as of December 31. At least one spouse or qualifying family member must be at least 65.

Zack Hellman, an enrolled agent and tax expert at Tax Prep Tech, said these funds offer significant financial relief to homeowners in New York as they face stressful economic times and inflation.

"The average Basic STAR rebate of $778 helps offset high property taxes, making homeownership more affordable and providing financial relief, especially important for those with limited incomes," Hellman told Newsweek. "Implemented to support homeownership and ease the tax burden in areas with high property taxes, these rebates are crucial in making owning a home in New York more feasible."

Inflation for November stood at 3.1 percent across all goods, so Americans are still struggling to afford everyday basics like groceries while also paying their mortgages.

"By reducing the tax burden, the STAR program encourages homeownership, contributing to stable property values and community development. These rebates not only help individual homeowners but also boost the local economy by increasing consumer spending power," Hellman said.

Other Rebates Available

New York is far from the only state that offers extra rebates to residents after the federal government ended its pandemic-era stimulus checks.

Last month, in Alabama, taxpayers saw $300 deposited if they filed a state income tax return for 2021 on or before October 17, 2022.

The state spent a total of $393 million on the refunds, with the checks coming fully from a $2.8 billion surplus in the Education Trust Fund. The payments are intended to help residents offset grocery taxes paid throughout the year.

Arizona is giving $250 per person with dependents, with a limit of $750 for three dependents. For dependents over age 18, the payment is lowered to $100 apiece.

Virginia also sent out payments to residents last month, as long as they had a tax liability in 2022.

A tax liability is money owed to the state after deducting tax credits. Under the rebate program, single filers earned $200, while joint taxpayers received $400 together.