Tax breaks in NY budget

Posted 8/21/12

ALBANY, NY — The state budget agreement announced in Albany on March 31 includes $1.5 billion in tax credits that will go to homeowners. According to Gov. Andrew Cuomo, the property tax relief …

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Tax breaks in NY budget

Posted

ALBANY, NY — The state budget agreement announced in Albany on March 31 includes $1.5 billion in tax credits that will go to homeowners. According to Gov. Andrew Cuomo, the property tax relief package is designed to incentivize local governments and school districts to share services and reduce their financial burden on the taxpayer. In the first year under the reform plan, New Yorkers will receive property tax relief if their local governments stay within the property tax cap.

The property tax cuts will be extended for a second year in jurisdictions that comply with the tax cap and have put forward a plan to save 1% of their tax levy per year, over three years.

While localities may offer a variety of approaches, the plan is designed to incentivize county governments and school districts to convene and facilitate a process and submit a county-wide or BOCES region-wide plan for approval.

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