Stimulus payments and rebate checks are a direct way in which local and federal governments can provide financial relief to citizens. These payments, while not addressing systemic problems related to rising cost-of-living, are still considered a welcome relief to cope with pressing and imminent expenses. If you hail from this one particular state, you may be receiving a new check to hit your bank account soon, ranging in a variety of amounts, provided you meet the criteria.
Property prices continue to skyrocket
Regarding the nature of cost-of-living, a significant concern for both homeowners and renters alike continues to be property-related costs, including property taxes, rental rates, and property purchase prices. Many young people currently live in a dilemma where they do not qualify to receive a loan for a property purchase, and are subsequently forced into renting, with monthly payments which are often significantly higher than what loan repayment prices would be.
Conversely, property taxes are also a significant concern for many homeowners. Not only do they usually increase over time, but they can also have unexpected increases. Further, high property tax rates are often an additional barrier to home ownership. However, this one state is offering tax rebates on property taxes, provided that you meet the qualifying criteria.
Property tax rebate checks for homeowners in this state
For homeowners in Pennsylvania, some good news is coming their way. The Pennsylvania Property Tax/Rent Rebate program opened on January 16 of this year and can see accepted applicants receive up to $1,000 back in property taxes for 2024.
To be eligible for the program, you must meet the following at least one of the following requirements:
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Be a senior who is age 65 and older
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Be a widow or widower who is age 50 and older
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Have a disability and be age 18 and older
The amount of money eligible individuals can receive in their property tax rebates depends on their income. As an eligibility rule, your household income cannot exceed $46,530 per annum. If your household income is less than this, the amount your rebate is worth is staggered according to the following amounts:
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If your income was between $0-$8,270 in 2024, the maximum rebate is $1,000.
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If your income was between $8,271 – $15,510 in 2024, the maximum rebate is $770.
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If your income was between $15,511 – $18,610 in 2024, the maximum rebate is $460.
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If your income was between $18,611 – $46,520 in 2024, the maximum rebate is $380.
The rebates began to be distributed on July 1 of this year. However, there is still time for you to claim your rebate for the 2024 tax year. The deadline only closes on December 31 of this year. You can visit the Pennsylvania Department of Revenue website to apply.
Additional rebates for those most in need
On top of the standard rebates, applicants can also be eligible for the supplemental property tax rebates. If your annual household income is less than $31,010 and your property taxes are more than 15% of your total income, these supplemental rebates are automatically distributed to you, provided you live in the following locations:
- Philadelphia
- Scranton
- Pittsburgh
The supplemental property tax rebates range between $190-$500, depending on your total household income, with those earning less than $8,270 per year qualifying to receive the maximum supplemental tax rebate amount.
If you do not meet the eligibility criteria to receive the property tax rebate, there is still an opportunity for you to claim back on expenses related to homeowning. The Energy Efficient Home Improvement Tax Credit is a lesser-known tax credit homeowners can claim back from the Internal Revenue Service (IRS), where you can claim back $1,500 for certain energy home improvements you have made to your property. While this year’s tax filing deadline has come to an end, you can still apply for this credit next year.
Disclaimer: Our coverage of stimulus checks, tax reliefs, tax rebates, tax credits, and other payments is based on the official sources listed in the article. All payment amounts and dates, as well as eligibility requirements, are subject to change by the governing institutions. Always consult the official source we provide to stay up to date and obtain information for your decision-making.
