NY A10440

Authorizes New York City to grant a $150 rebate (or the annual tax if less) against real property taxes for fiscal year 2021-2022 to owners of one, two, or three-family homes and cooperative or condominium dwelling units where qualified gross income is $250,000 or less in tax year 2020.

Exempts from application requirement owners who already receive STAR property tax exemptions or school tax relief credits; all other eligible owners must file electronic applications by deadline set in local law.

Rebates for properties in tax arrears are applied to unpaid real property taxes and charges, with cooperative dwelling units receiving their proportionate share of arrears based on total units in the building.

Denies rebates if property is not the owner's primary residence or if title transfers to non-family members before rebate is granted; married couples may receive rebate on only one property unless legally separated.

Imposes $500 penalty tax plus recovery of erroneous rebates for material misstatements regarding primary residence, ownership, or income; erroneous rebates recoverable within six years as tax liens.