State budget deal earmarks $1.5B in property tax relief

Tougher bribery, anti-corruption laws will also be implemented if proposal passes

New York /
Mar.March 31, 2014 08:30 AM

A new state budget deal, reached Saturday between New York legislators and Governor Andrew Cuomo, introduces property tax relief for homeowners.

The $137.9 billion budget, which also slices business taxes and provides $300 million toward universal pre-kindergarten in New York City, came through late Friday and will go up for a final vote today, the last day of the state’s financial year. If passed, the deal will earmark $1.5 billion in property tax relief for Empire State homeowners.

“It has to be passed and we don’t want to get ahead of ourselves, but it was a good piece of work,” Governor Cuomo told Reuters via conference call Saturday.

Tougher bribery and anti-corruption laws will also be implemented as part of the proposed budget initiatives, and around $162 million will go to New York’s Environmental Protection Fund — a $9 million uptick from the previous budget.

Included in the budget is a provision taking away Schneiderman’s control of $440 million owed in the housing settlement with JPMorgan Chase, the New York Daily News reported. [Reuters] and [NYDN]Julie Strickland


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
The Empire State Building, GM Building, Zhang Xin and Boston Property's Owen Thomas
NYC’s most valuable building, and other nuggets from the tax roll
NYC’s most valuable building, and other nuggets from the tax roll
Gov. Kathy Hochul (Getty, iStock)
Hochul vetoes bill to close New York condo tax loophole
Hochul vetoes bill to close New York condo tax loophole
New York City mayor Eric Adams and 936 Lafayette Ave (Getty, Google Maps)
Here’s how much NYC mayor made from his Brooklyn home
Here’s how much NYC mayor made from his Brooklyn home
Michigan developer Scott Chappelle (Scott Chappelle, Illustration by The Real Deal; Getty)
Michigan developer sentenced to prison for tax evasion
Michigan developer sentenced to prison for tax evasion
From left: Boston Mayor Michelle Wu and South Boston Senator Nick Collins with Boston City Hall
Controversial transfer tax bill advances in Boston
Controversial transfer tax bill advances in Boston
arrow_forward_ios

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

Loading...