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NYSAR: Cuomo proposes $1.7 billion property tax credit

From the New York State Association Realtors:

Gov. Andrew Cuomo has proposed a $1.7 billion plan to provide property tax credits by tying property taxes to household income. The program would be phased in over four years and provide credits to more than one million middle-class homeowners and more than one million renters.

Homeowners would be eligible for the credit if they earn less than $250,000 a year in adjusted gross income and if their communities stay under the property tax cap. A homeowner’s property taxes would have to exceed six percent of income in order to be eligible. For renters, the credit would be available to taxpayers making up to $150,000 if their annual gross rent attributed to property taxes exceeds six percent of their income.

Cuomo said his proposal would be another way to cut down on New York’s property taxes, which are among the highest in the nation. The plan will be part of his proposed 2015-16 budget and State of the State address happening on January 21. The event will be streamed live at https://www.governor.ny.gov.