- Associated Press - Wednesday, January 21, 2015

ALBANY, N.Y. (AP) - Gov. Andrew Cuomo’s new proposal to relieve middle-class homeowners of some property taxes would be restricted to jurisdictions complying with the state’s property tax cap.

The 2011 tax cap generally restricts school districts and local governments from increasing tax levies by more than 2 percent or the rate of inflation, whichever is less.

The cap may be exceeded only with the consent of 60 percent of local voters

The proposed property tax credit would apply to homeowners whose payments exceed 6 percent of income and with annual adjusted household incomes below $250,000.

An estimated 1.3 million taxpayers would get an average credit of about $950 when fully phased in over four years.

The credit would be up to 50 percent of the amount that taxes exceed the 6 percent threshold.

Cuomo is delivering his state of the state address and budget proposals on Wednesday.

LOAD COMMENTS ()

 

Click to Read More

Click to Hide