Homeowners, Renters To Receive Up To $1,658 One-Time Payments— Check If Your State Is On The List!

There are three states that American homeowners and renters should look forward to receiving up to $1,658 of one-time payments, says Shimkus. Check the list to see if yours is one of them.

Property Tax Rebates for Homeowners and Renters

Across the nation, three states will receive up to $1,658 worth of one-time payments due to the American Rescue Plan Act. Thousands of American homeowners and renters will be receiving these payments to help bear the rising costs of living. This plan originally intends to distribute cash to every state in the U.S. to help residents amidst the COVID-19 pandemic. Fortunately, despite the pandemic, the states can still collect income from taxpayers at normal rates. The states still also have unused cash to distribute. This is an indication that the U.S. economy has not sunk into recession yet.

List of Three States

In New York, homeowners will receive tax rebates depending on their current residence and income. The program will begin in 2023 and rebates will be distributed by the end of 2023. To be eligible, homeowners must have qualified for a 2022 STAR credit, have a school tax liability, and have filed less than $250,000 of income in 2020. A STAR credit is provided to first-time homeowners to help them with public school taxes. It is believed that rebates will amount to $270 for every household.

In Pennsylvania, tax rebates of up to $1,658 will be distributed to its homeowners and renters. Taxpayers must be 65 years old and above. Widows can be 50 years old and above. Residents with disabilities must be 18 years old and above. If any of these requirements are met, one becomes eligible. However, only homeowners who earn less than $35,000 and renters who earn less than $15,000 a year will receive the rebates.

In New Jersey, property tax rebates will be received by residents who owned or rented a home by October 1, 2019. Homeowners must have a 2019 household income of up to $250,000 and renters must have $150,000. Depending on their incomes, homeowners are expected to receive $1,000 to $1,500 and renters can expect a $450 payment. Applicants only have until the end of December 30 to sign up for payments that are expected to be distributed before May 2023, as reported by Shimkus.