Homeowners Tax Rebates: Eligible Americans May Soon Receive up to $3,334 To Fight Rising Inflation

A tax refund will arrive in the bank accounts of many Americans as part of a pot worth more than $800,000.

The present property tax refund scheme will now run for an additional two years, through December 2024, according to a majority vote by the Moorhead City Council in Minnesota.

Homeowners May Receve $3,334 Tax Rebate

Residents who are struggling will benefit from this tax relief as they battle the recent rise in inflationary costs. Every new house constructed in Moorhead, Minnesota, immediately qualifies for this property tax rebate program.

Therefore, there is no requirement for any eligible homeowner to do any particular action in order to participate in the program, which was first introduced in 2009 after a flood significantly damaged the area.

With the help of new homeowners who can afford the escalating costs of home construction, Moorhead hopes to attract new residents and encourage their growth. Out of the $827,000 in tax money available, Clay County, the school district, and Moorhead predict that 125 homes built in 2019 and another 123 in 2020 will receive property tax rebates, amounting to an average of $3,334 per home.

However, the amount may differ; according to the program's official website, a new $300,000 property may be eligible for a reimbursement of more than $7,500. Approximately 1,350 homes were constructed between 2012 and 2021, according to City Council data, with a total taxable value of more than $390 million, as per Marca.

Homeowners of one, two, or three family homes are currently qualified for a $150 tax credit. Mayor Eric Adams ratified Local Law 82 on August 24, 2022. The legislation allows eligible New York homeowners in the hundreds of thousands to get a one-time property tax relief of up to $150.

Early in August, the City Council debated and voted on the proposed legislation; after a public hearing, it was approved by a unanimous vote. The measure would put into effect a state authorizing law that permits the City to offer qualifying properties a real property tax rebate on FY 2022 taxes.

One-, two-, or three-family homes as well as apartment or condo units qualify as eligible properties. The property must be the owner's primary residence, and in the 2020 tax year, the combined annual income of all owners of the property must have been no more than $250,000.

The amount of the tax rebate, which will be given just once, will either be $150 or the amount of real estate taxes due on the property in FY 2022, whichever is less. The Department of Finance (DOF) will send checks to qualified householders. School Tax Relief (STAR) exemption or credit beneficiaries for Fiscal Year 2023 for whom DOF can confirm eligibility will automatically receive checks, which will be sent out at the end of August.

STAR beneficiaries for whom DOF has insufficient income data will get letter notifications. An application procedure is being developed for non-STAR beneficiaries and is anticipated to launch in November of this year, as per City Land.

Illinois Residents Started Receiving Tax Rebates

An estimated six million qualifying taxpayers will start receiving income and property tax rebates starting on September 12. The rebates are the product of Gov. Pritzker's Illinois Family Relief Plan, which in addition to the direct payments also resulted in tax savings on groceries, petrol, and school supplies.

Residents who filed state income taxes for 2021 and claimed a property tax credit will immediately get the refund checks, which will take at least eight weeks to process overall. The rebates are still accessible to those who have not submitted after completing additional filing.

Those who did not qualify as dependents on another return and made less than $200,000 in 2021 will receive $50 rebates. Couples filing jointly who make less than $400,000 in annual income will receive $100. Additionally, taxpayers will receive $100 for each dependent they listed on their 2021 taxes, up to a maximum of three dependents.

Additionally, up to $300, the State of Illinois would refund qualifying homeowners' property taxes in an amount equal to the property tax credit they were granted on their 2021 tax returns. If a taxpayer's adjusted gross income for the tax year exceeds $500,000 for returns filed as married filing jointly or $250,000 for all other returns, the tax rebate is not permitted.

The list of qualified taxpayers will be certified by IDOR, and the Comptroller's Office will provide the rebates. All qualified income tax payers who file on or before October 17, 2022 will be eligible for rebate payments even though the 2021 tax filing deadline was April 18, according to The Times Weekly.