Cuomo Proposes $1.7B Property-tax Credit

Wednesday, January 14, 2015

Source: Ithaca Journal

Gov. Andrew Cuomo on Wednesday proposed a $1.7 billion plan to provide property-tax credits by tying taxes to household income.

The four-year program, similar to the so-called circuit breaker, would provide credits to more than 1 million middle-class homeowners and more than 1 million renters. Homeowners would be eligible if they earn less than $250,000 a year and if their communities stay under the property-tax cap. A homeowner's property taxes would have to exceed 6 percent of income in order to be eligible.

Cuomo praised the program, which will be included in his proposed 2015-16 budget and State of the State address next Wednesday, Jan. 21.

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