Tags: Andrew Cuomo | New York | property taxes | cuts

NY Gov. Cuomo Proposes Cutting Property Taxes Up to $2G

Thursday, 15 Jan 2015 12:29 PM

New York Gov. Andrew Cuomo is planning to slash property taxes to help embattled homeowners in what he called the "tax capital of the nation."

Under his plan he revealed on Wednesday, homeowners could have their taxes reduced by as much as $2,000 a year, and renters in New York City could save up to $750, the New York Post reported.

"You have no long-term future if you're the tax capital of the nation," said Cuomo at Hofstra University in Nassau County, Long Island, while declaring that property tax cuts will be his leading priority in his second term.

"The flight of young people? It's taxes. The flight of businesses — that's taxes [too]," he said.

The Post said that out of the 1.3 million homeowners who would be eligible for property tax breaks, 209,000 of them live in New York City.

The cutbacks would be based on income, with a cap of $250,000 for homeowners and $150,000 for renters, the newspaper said.

People who pay more than 6 percent of their income for property taxes would be eligible, which would translate into an $872 saving for New York City homeowners.

In Nassau County, where taxes on average are higher than the rest of the state, the average savings were estimated at $1,208 a year.

The roughly 1 million tenants with incomes under $150,000 would be eligible for a tax credit of up to $750 a year in the city and $500 a year elsewhere, according to the Post.

Cuomo said he will fight to get the property tax breaks during budget negotiations with the Republican-run state Senate and Democrat-controlled Assembly.

"This will be the first time there is an actual cut," said the Democrat governor, while adding that the program would have a "phase-in" period that could take a year or longer to introduce.

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Under Gov. Andrew Cuomo's plan revealed on Wednesday, homeowners could have their taxes reduced by as much as $2,000 a year, and renters in New York City could save up to $750, the New York Post reported.
Andrew Cuomo, New York, property taxes, cuts
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2015-29-15
Thursday, 15 Jan 2015 12:29 PM
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