It’s an election year — and despite a court ruling slapping his hand, Mayor de Blasio is back this time with a $115 water and sewer giveaway to low-income and senior homeowners.

Late last month, the de Blasio-controlled Water Board voted to give a $115 credit to 53,000 low-income homeowners via the Home Water Assistance Program, established in 2015 to assist those who qualify for the federal Home Energy Assistance Program.

This is a far smaller benefit than the one the mayor tried to deliver last year — $183 to 650,000 homes. The courts slapped that one down because it was financed by hiking rates on other consumers, and the Water Board isn’t supposed to be doing wealth redistribution.

And it doesn’t do a thing about overall rising costs: Water and sewer rates are up 6.32 percent on the mayor’s watch.

Then again, homeowners may not have even noticed that — since they’re already seeing red over the 21.6 percent increase in property taxes under de Blasio, the result of soaring assessments.

As it happens, players from the Rent Stabilization Association and the Real Estate Board of New York to the Black Institute and the NAACP are now all pushing for property-tax reform.

But de Blasio says he won’t consider that until after he’s won re-election.