The Real Deal New York

Cuomo to add renter rebate to property tax break plan

December 17, 2013 08:32AM

From left: George Pataki and Carl McCall, who chair the gubernatorial commission

From left: George Pataki and Carl McCall, who chair the gubernatorial commission

Governor Andrew Cuomo said Monday that he would add a rebate for renters to a $1 billion property tax cut proposal that has been criticized for being unduly harsh on New York City residents.

Last week, a gubernatorial commission had recommended a property tax “circuit breaker” — which would provide a tax rebate when property taxes hit a certain portion of their income.

But those opposed to the plan said that it would hurt New York City residents, whose higher income tax payments provide a disproportionate amount of state funding, according to Capital New York.

The renter rebate is designed to alleviate some of that criticism.

“Renters often pay a proportion of their rent to property tax, so while the commission didn’t recommend it, some members of the commission actually petitioned the governor to think about a renters credit,” Bob Megna, Cuomo’s budget director, told Capital New York. “The governor has been clear that he is in support of the renters’ credit to achieve proportionality in the commission’s proposal,” said.

Cuomo told the website that the renter rebate program was being considered to make the plan politically feasible. “To pass an economic package you need balance,” he said.

The details of the budget will be released in the middle of next month, according to Capital New York. [Capital New York]  – Hiten Samtani

  • Stop taking my money

    What a joke. So the state overcharges landlords on their property taxes and then instead of just reducing these disgusting taxes Cuomo decides to give the rebates to the tenants? Why not just reduce my property taxes???

    More redistribution of wealth from the left.

    We all play by the same rules – if I work 120/hrs a week then why the hell shouldn’t I make more money than my tenants? The thought that Cuomo is going to overcharge me on my taxes and then give my overpayments to my tenants is maddening.

    If my tenants want to have more money then they should work as much as I do.

  • WannaBeLandlord

    In Texas there is no need for these silly programs as there is plenty of jobs that provides the income needed for the new affordable, middle, and luxury housing stock