Projected savings for New York taxpayers as
\na result of the state’s Property Tax Relief program
\nwere released March 2, which provides
\n1.3 million homeowners significant financial
\nrelief, officials said.<\/p>\n
The $1.66 billion program, which also
\nincludes a renters’ credit, is part of the Governor’s
\n2015 Opportunity Agenda.<\/p>\n
“We must ensure economic opportunity in
\nNew York – and that means putting money
\nback in the pockets of hardworking homeowners
\nwho have been struggling under the
\ncrushing burden of property taxes for far too
\nlong,” said Gov. Andrew Cuomo. “During the
\nlast four years, we capped property taxes, and
\nthen we froze them. Now we are going to cut
\nthem. This program addresses the one of the
\nmost important challenges we face as a state
\n– making New York affordable – by providing
\nreal, meaningful, significant tax relief that will
\nmake a difference in people’s lives.”
\nAccording to the plan, in Warren County
\nthere would be 5,699 beneficiaries of the
\nbenefit, getting an average credit of $858.
\nThe total tax relief figure for that segment is
\n$6.2 million.<\/p>\n
In Washington County there would be 7,203
\nbeneficiaries of the benefit, getting an average
\ncredit of $759. The total tax relief figure for
\nthat segment is $4.3 million.<\/p>\n
When fully phased in, 107,700 homeowners
\nin the Capital Region will receive an average
\nannual savings of $882, according to the
\ngovernor.<\/p>\n
The property tax relief is available to
\nhomeowners with incomes below $250,000
\nwhose property taxes exceed 6 percent of
\ntheir income. The credit is valued at up to taxes exceed the 6 percent burden threshold,
\ndepending on household income.<\/p>\n
The specific amount of the credit within
\nthat 50 percent is determined on a progressive
\nincome scale, so that New Yorkers with the
\nhighest tax burdens and lowest income levels
\nwill receive the greatest amount of relief.<\/p>\n
According to Cuomo, the 2011 statewide
\nproperty tax cap has been effective at lowering
\nthe tax burden for homeowners across
\nthe state. Through the first three years of the
\ncap, the average property tax payer will have
\nsaved more than $800 compared to if taxes
\nhad continued to grow at the previous average
\nrate of growth. Those savings will increase to
\n$2,100 in local property taxes by 2017 if this
\ntrend continues.<\/p>\n
The property tax freeze, which was enacted
\nlast year, provides direct relief to New York
\nhomeowners. Cuomo said over three years, the
\nprogram will result in more than $1.5 billion
\nin direct property tax relief, and the average
\nNew Yorker will receive approximately
\n$656. The freeze also addresses one of the
\nprimary drivers of the state’s high property
\ntaxes by incentivizing local governments and
\nschool districts to seek efficiencies and share
\nservices.<\/p>\n
According to Cuomo, the new Property
\nTax Credit strengthens the property tax cap
\nbecause outside of New York City, only the
\ntaxes levied by a tax cap-compliant jurisdiction
\nare included in the credit calculation. All
\nfacets of the program will be phased in over
\nfour years, and only school taxes will apply
\nin the first year.<\/p>\n
More than half of the full benefit will be
\nphased-in by Tax Year 2016, and 81 percent
\nwill be phased-in by Tax Year 2017.<\/p>\n","protected":false},"excerpt":{"rendered":"
Projected savings for New York taxpayers as a result of the state’s Property Tax Relief program were released March 2, which provides 1.3 million homeowners significant financial relief, officials said. The $1.66 billion program, which also includes a renters’…<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[66,118,133],"yoast_head":"\r\n