The approved NYS 2022 budget provides a personal income tax credit for New York resident homeowners with incomes up to $250,000 if their total property tax exceeds a fixed percentage of their income. This framework will target New York families with the highest property tax to income burden. The calculation of this credit is capped at $350 per STAR-eligible household, while also utilizing a $250 credit minimum to further target homeowners impacted the most by high property taxes. 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. Read more