The Real Deal New York

Cuomo to add renter rebate to property tax break plan

December 17, 2013 08:32AM

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