Cuomo to add renter rebate to property tax break plan

New York /
Dec.December 17, 2013 08:32 AM

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


Related Articles

arrow_forward_ios
Governor Andrew Cuomo and Senator James Skoufis (Credit: Getty Images, NY Senate)
Owners of some residential properties can’t hide behind LLCs anymore
Owners of some residential properties can’t hide behind LLCs anymore
Governor Andrew Cuomo and 538 Johnson Avenue in Brooklyn (Credit: Google Maps and Getty Images)
Landlords take another hit: Cuomo signs expanded Loft Law
Landlords take another hit: Cuomo signs expanded Loft Law
Governor Andrew Cuomo (Credit: Getty Images)
Cuomo wants to exempt NYC from prevailing wage bill
Cuomo wants to exempt NYC from prevailing wage bill
President Joe Biden (Getty, Education Next)
Biden administration considers Opportunity Zone overhaul
Biden administration considers Opportunity Zone overhaul
From left to right: Gov. Andrew Cuomo, Tony Malkin, Larry Silverstein, Douglas Durst, Steven Roth and Bill Rudin. (Getty)
Vornado, Empire State Realty Trust pledge total carbon neutrality by 2035
Vornado, Empire State Realty Trust pledge total carbon neutrality by 2035
Clockwise from left: New York Rep. Nydia Velázquez, Ritchie Torres, Jerrold Nadler, Hakeem Jeffries and Tom Suozzi (Getty)
NY Dems lay out ultimatum on SALT repeal
NY Dems lay out ultimatum on SALT repeal
The effective rate was 1.1 percent, on average, in 2020, down from 1.14 percent in 2019. (iStock)
Homeowners’ property taxes grew twice as fast last year
Homeowners’ property taxes grew twice as fast last year
Gary LaBarbera now leads the New York City and New York State councils. (Getty)
Gary LaBarbera quietly takes helm of building trades statewide
Gary LaBarbera quietly takes helm of building trades statewide
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...