Stimulus checks from the Federal Government are over for most American taxpayers. It is time to look for a tax credit payment, a Guaranteed Income Program, and any other helpful benefits in the United States.
Eligible citizens in New York State have the possibility to receive a payment worth up to $375 from a tax credit. The Real Property Tax Credit has many requirements though.
For example, you can only be eligible for a refundable credit if your household gross income is less or the same as $18,000. Residence requirements must be met too. So, if you can only qualify if your New York residence has been the same for at least 6 months.
ARE THERE MORE RESIDENCY REQUIREMENTS TO GET THIS PAYMENT?
Apart from having occupied the same house in New York for a minimum of six months, you must have been a resident for the whole year. Besides, you will not be eligible if you have been claimed as a dependent on someone else’s federal tax return.
For your information, you are eligible for this payment if your house was not fully exempted from real property taxes. That means you cannot get this money if you do not have to pay property taxes at all.
Moreover, the value in the market of the property you own was $85,000. By real property you own, the Department of Taxation and Finance means land, garages, and houses.
As you can see, there is a long list of requirements to receive this payment in New York. Homeowners and Renters must also meet other conditions as well.
HOMEOWNER’S AND RENTER’S REQUIREMENTS
Homeowner and their spouse must have paid property taxes. Second, to qualify for this payment “any rent you got for nonresidential use of your residence was 20% or less of the total rent you received.”
As for renters, either a member of your household or you paid rent for your residence. What is more, the average rent per month you paid was $450 or less. It does not count gas or electricity bills, board, or furnishing.
The maximum amount for this payment is $375 if you are 65 years old or older, or if any member of your house is. If the credit is more than the tax you owe, you could claim a refund. If you are under 65, it is up to 75 dollars only.
If you would like to claim this credit, you can do it through your New York State income tax return. If you do not have the obligation to file, you must complete the Form IT-214. Visit https://www.tax.ny.gov/pit/credits/real_property_tax_credit.htm for more details.
