Projected savings for New York taxpayers as a
\nresult of the state’s Property Tax Relief program
\nwere released March 2, which provides 1.3 million
\nhomeowners significant financial relief, officials
\nsaid.
\nThe $1.66 billion program, which also includes
\na renters’ credit, is part of the Governor’s 2015 Opportunity
\nAgenda.<\/p>\n
“We must ensure economic opportunity in New
\nYork – and that means putting money back in the
\npockets of hardworking homeowners who have
\nbeen struggling under the crushing burden of
\nproperty taxes for far too long,” said Gov. Andrew
\nCuomo. “During the last four years, we capped
\nproperty taxes, and then we froze them. Now we
\nare going to cut them. This program addresses the
\none of the most important challenges we face as a
\nstate – making New York affordable – by providing
\nreal, meaningful, significant tax relief that will make
\na difference in people’s lives.”
\nAccording to the plan, in Warren County there
\nwould be 5,699 beneficiaries of the benefit, getting
\nan average credit of $858. The total tax relief figure
\nfor that segment is $6.2 million.<\/p>\n
In Washington County there would be 7,203 beneficiaries
\nof the benefit, getting an average credit
\nof $759. The total tax relief figure for that segment
\nis $4.3 million.<\/p>\n
When fully phased in, 107,700 homeowners in
\nthe Capital Region will receive an average annual
\nsavings of $882, according to the governor.
\nThe property tax relief is available to homeowners
\nwith incomes below $250,000 whose property
\ntaxes exceed 6 percent of their income. The credit
\nis valued at up to 50 percent of the amount by which property taxes exceed the 6 percent burden threshold,
\ndepending on household income.<\/p>\n
The specific amount of the credit within that
\n50 percent is determined on a progressive income
\nscale, so that New Yorkers with the highest tax
\nburdens and lowest income levels will receive the
\ngreatest amount of relief.<\/p>\n
According to Cuomo, the 2011 statewide property
\ntax cap has been effective at lowering the tax
\nburden for homeowners across the state. Through
\nthe first three years of the cap, the average property
\ntax payer will have saved more than $800 compared
\nto if taxes had continued to grow at the previous
\naverage rate of growth. Those savings will increase
\nto $2,100 in local property taxes by 2017 if this
\ntrend continues.<\/p>\n
The property tax freeze, which was enacted last
\nyear, provides direct relief to New York homeowners.
\nCuomo said over three years, the program will
\nresult in more than $1.5 billion in direct property
\ntax relief, and the average New Yorker will receive
\napproximately $656. The freeze also addresses one
\nof the primary drivers of the state’s high property
\ntaxes by incentivizing local governments and school
\ndistricts to seek efficiencies and share services.<\/p>\n
According to Cuomo, the new Property Tax
\nCredit strengthens the property tax cap because
\noutside of New York City, only the taxes levied by a
\ntax cap-compliant jurisdiction are included in the
\ncredit calculation. All facets of the program will be
\nphased in over four years, and only school taxes will
\napply in the first year.<\/p>\n
More than half of the full benefit will be phasedin
\nby Tax Year 2016, and 81 percent will be phased-in
\nby 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],"class_list":["post-16652","post","type-post","status-publish","format-standard","hentry","category-business-news","tag-business-news","tag-ny-state","tag-taxes"],"yoast_head":"\r\n