Most homeowners with an income below $500,000 per year will receive between $350 to $600 in tax relief, while seniors who earn below $110,750 are eligible for $700 to $1,500. Some will be in the form of tax exemptions in the 2026 tax year, while many others will receive checks.\u00a0<\/p>\n
In her announcement, Hochul explained, \u201c[F]or many homeowners, it\u2019ll be an extra $350 to $600 in their pockets. And with that money, you can maybe fill up your gas tank \u2014 hopefully more than once, and make a couple of car payments, and get some groceries, and buy some school clothes if you\u2019ve got little kids.\u201d\u00a0<\/p>\n
She continued, \u201cBut for seniors, the benefit is even bigger. Many are on fixed income; they\u2019re not bringing in income every single paycheck anymore. And eligible seniors will receive between $700 and $1,500 in relief. And so that\u2019s the relief that they can count on.\u201d<\/p>\n
The tax relief comes at a time when the living expenses Gov. Hochul mentioned are at a steep cost. Gas prices remain high<\/a> as the war in Iran continues, and grocery bills climb<\/a> above the national average in New York City. These checks, the governor said, will allow New Yorkers to have a moment of breathing room this summer when accounting for these everyday expenses.\u00a0<\/p>\n Many local lawmakers celebrated Hochul\u2019s announcement, emphasizing its connection to rising costs for the average New Yorker.\u00a0\n<\/p>\n Assembly Member Landon C. Dais (D-Bronx) suggested that \u201cthese programs can help ensure that New Yorkers can remain in their homes and afford the rising cost of living.\u201d<\/p>\n State Senator James Sanders Jr. (D-Queens) agreed, highlighting the benefits of the relief for his constituents and New York residents as a whole: \u201cThis next phase means thousands of New Yorkers will see money returned to their pockets when they need them most.\u201d<\/p>\n Assembly Member Chantel Jackson (D-Bronx) spotlighted how this program helps New York City residents specifically: \u201cHere in New York City alone, nearly 474,000 recipients will receive approximately $149.7 million in tax relief, demonstrating the significant impact this program has on working families, older adults, and communities across our city.\u201d<\/p>\n