Cuomo Announces Property Tax Credit Plan
Governor Andrew Cuomo says he’ll address in his new budget proposal what he considers to be New York’s number one problem, highest in the nation property taxes.
Cuomo announced a plan to offer credits to homeowners who pay more than 6 percent of their annual income in property taxes. The plan would extend well into the middle class, with those making up to $250,000 eligible for the program. Rebates would be capped at $2000. The governor says the state’s consistently high property taxes are driving young people and businesses away.
“This is probably the single most important challenge that we’re facing, economically, as a state,” Cuomo said Wednesday.
Cuomo spoke on Long Island, where property taxes are among the highest in the nation. But he says upstate, where homes are worth less money, homeowners pay the highest tax rates proportionately to the value of their homes.
The governor did not detail how he’ll pay for the nearly $1.7 billion plan.