Scarinci Hollenbeck, LLC
The Firm
201-896-4100 info@sh-law.comFirm Insights
Author: Scarinci Hollenbeck, LLC
Date: August 11, 2015
The Firm
201-896-4100 info@sh-law.comGovernor Andrew Cuomo recently announced that the “Big Ugly” $1.3 billion rebate check program will be installed to offset New York state property taxes. In accordance with the legislation, 2.5 million homeowners that make under $500,000 will receive a property tax rebate check for $185 this year.
According to the final agreement, property taxpayers that qualify for the Big Ugly rebate check program will receive the standard $185 check the first year, then have this amount scaled for the remaining three years depending on their location and income. However, the deal also involves a four-year extension of the property tax cap program with two new exclusion clauses including payments to the Board of Cooperative Educational Services and payments-in-lieu of taxes.
In order to qualify for the rebate program, the school district of the taxpayer must remain under the property tax cap. However, the law was structured so that thousands of homeowners in the upstate region will receive the $185 rebate check in the first year, but by the second year of the program, qualifications for the rebate are based on a homeowners’ School Tax Relief property tax savings. This means that taxpayers making under $75,000 will receive a rebate check for 28 percent of the value of the savings, while those making under $150,000 will receive a check for 20.5 percent.
Those who qualify for the program in the fourth year will see their rebate benefits increase. For example, those individuals who make less than $75,000 will receive 85 percent of the STAR savings, and 60 percent for those making under $150,000. Ultimately by the end of the final year, homeowners in these income brackets will receive $530 in tax rebates on average throughout the duration of the program.
The qualifications for homeowners change as each region has their own specific income threshold. For instance, in upstate New York, the income threshold to qualify for the rebate check program is $200,000, whereas this threshold is $275,000 on Long Island. The rebate program was not made available for property owners in New York City, although this region is expected to contribute to the tax pool for the program. There are also problems associated with check-mailing plans due to the fact that New York state spent $1.6 million to mail out four million refund checks.
All told, the Big Ugly bill will total $3.1 billion in rebates over four years, with $1.3 billion in the final year.
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.

Few situations create more uncertainty than learning that an employee has filed a whistleblower complaint. Questions arise immediately: Is the allegation legitimate? Should the employee be placed on leave? Do we need to notify our insurance carrier? Are we now prevented from disciplining the employee if there are unrelated ongoing work related issues? There is […]
Author: Sean M. Pena

When a business reaches the point where it can no longer service its debts or otherwise resolve its liabilities, management is often faced with a difficult question: is a bankruptcy filing necessary or is there another way to perform an orderly liquidation or sale of the business assets? While Chapters 7 and 11 of the […]
Author: John D. Giampolo

For many years, the New Jersey Mansion Tax has been a significant consideration in high-value real estate transactions. Recent legislative changes, however, have substantially altered how the tax operates, including who is responsible for paying it and the amount owed in certain transactions. Whether you are purchasing, selling, or investing in New Jersey real estate, […]
Author: George McGowan

As our personal and financial lives increasingly move online, estate planning must evolve to address a new category of property: digital assets. From email accounts and social media profiles to cryptocurrency and cloud-stored business records, these assets often carry both financial and sentimental value. Yet, without proper planning, they can become inaccessible—or even lost—upon incapacity […]
Author: Marc J. Comer

In today’s mergers and acquisitions market, representation and warranty (R&W) insurance has become a common feature of deal negotiations. Once used primarily in larger transactions, R&W insurance is now frequently incorporated into middle-market deals as buyers and sellers look for efficient ways to allocate risk and close deals. When structured properly, R&W insurance can help […]
Author: George McGowan

Receiving a federal grand jury subpoena is not something most businesses or individuals anticipate. While it can be concerning, a federal grand jury subpoena does not necessarily mean that you are being accused of wrongdoing. It does, however, mean that a federal criminal investigation is underway and that federal prosecutors believe you may possess information […]
Author: Sean M. Pena
No Aspect of the advertisement has been approved by the Supreme Court. Results may vary depending on your particular facts and legal circumstances.
Consider subscribing to our Firm Insights mailing list by clicking the button below so you can keep up to date with the firm`s latest articles covering various legal topics.
Stay informed and inspired with the latest updates, insights, and events from Scarinci Hollenbeck. Our resource library provides valuable content across a range of categories to keep you connected and ahead of the curve.
Let`s get in touch!
Sign up to get the latest from the Scarinci Hollenbeck, LLC attorneys!