A fourth stimulus check, or a continuation of the monthly child tax deduction checks, would certainly be nice to have, the deeper we get into 2022. Alas, President Biden and the Democrats have their hands full at this point with a number of other priorities. And they do not seem to have the votes in support of any of these policy points. That is to say, what is important is that such economic relief for Americans will largely come through state and local authorities at this time. And the Governor of New York Kathy Hochul’s budget proposal of $ 216.3 billion it includes giving people a break on their property taxes is one such example of this.
Hochul unveiled earlier this month her first proposed budget statement since she took over for Andrew Cuomo. It includes a mix of tax cuts and an increase in funding for schools and health care. In addition to a host of other priorities, including the aforementioned property tax relief.
Help with property taxes
“As I said in my State of the State speech: It’s time for a better, fairer and more inclusive version of the American dream,” Hochul said when lays down its budget plan. “I call it the New York Dream. We want to make that New York dream come true – and ensure that it can be realized by every New Yorker.”
Among other things, her plan creates a new credit for property tax breaks – Homeowner Tax Discount Credit. And its proposed beneficiaries include eligible low- and middle-income households as well as eligible senior households.
Outside of New York City, the average benefit will total nearly $ 970. It appears from a summary of the details of the budget, where the credit provided relief to more than 2 million property tax-paying households. In New York City itself, the average benefit from the property tax deduction would be around $ 425. With benefits reaching an additional 479,000 property tax-paying households.
New York Governor Kathy Hochul’s budget proposal
Also worth noting: For homeowners with incomes below $ 75,000? According to the governor’s office, the nationwide average credit will be nearly $ 1,050. And that would benefit an estimated 837,800 recipients.
“The benefit will be in the form of advanced credit,” the governor’s office continues, “instead of being required when filing tax returns, thus getting benefits in the hands of New York homeowners more quickly. Credits will be an advance on tax returns for tax years 2022, sent directly to eligible homeowners from the fall of 2022. ”
As we mentioned above, meanwhile, this is a way for governments to provide financial assistance to people outside of stimulus checks. Political leaders continue to propose new relief in this direction on a regular basis.
Below you can see some other examples from our latest coverage of the various forms of emergency assistance.