New Yorkers to Get $1,400 Checks: Here's Who's Eligible

While federal stimulus checks may be long over, New York homeowners are set to receive $1,400 checks, courtesy of this year's STAR payments. The checks will go out in just a few months.

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The New York School Tax Relief Program approved the rebates to help homeowners afford their school tax bills, and most will arrive by September 11, the state said.

Under the program, there's both a Basic STAR and an enhanced STAR check you can receive, depending on your situation. The basic payment averaged $778 last year, while those receiving the enhanced STAR checks got a heftier $1,407 on average.

"It's not to say these checks weren't always important to the bottom line of home ownership in New York, but now the credit comes in especially handy," Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, told Newsweek. "New Yorkers are facing the same skyrocketing costs of housing, insurance and property taxes that many other parts of the country are right now. Every dollar helps in terms of being able to afford the overhead that comes with being a homeowner."

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There are certain criteria you must meet to qualify for the checks, however.

For one, you need to register for the program and be a homeowner making less than $250,000 to earn the basic STAR. Meanwhile, if you're older than 65 by the end of 2024, you can get the enhanced STAR, as long as you own the home as your primary residence.

The enhanced STAR also requires you bring in an income of $93,200 or less for the entire household. This applies to all owners and spouses who reside at the home.

Alisha Penn, a real estate agent for Keller Williams, said many seniors on fixed income and low-income New Yorkers will actually use the STAR rebate to continue to be able to afford homeownership and other essential expenses.

"It's crucial for eligible homeowners to take advantage of these benefits and ensure they meet all requirements to receive their STAR checks promptly," Penn told Newsweek.

The timing for when you should expect your specific check varies based on the region you live in. While most arrive in late summer or early fall to align with when school tax bills are due, you can calculate your specific check's delivery based on location on the state website.

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And in a market where home affordability remains out of reach for many residents, New York's rebate could stand as an example to other states looking to boost homeownership rates, according to Michael Ryan, a finance expert and founder of michaelryanmoney.com.

"The STAR program, at its core, demonstrates New York's commitment to promoting affordable homeownership and easing the financial strain on residents caused by the state's notoriously high taxes and cost of living," Ryan told Newsweek.

"When homeowners have more money in their pockets, they're more likely to spend locally," Ryan added. "This then stimulates economic activity and supports small businesses."