The Real Deal New York

Cuomo proposes $1.7B property tax break

Homeowners earning less than $250K a year would qualify
January 14, 2015 03:15PM

Governor Andrew Cuomo unveiled a proposal today to provide a $1.7 billion break on New York state property taxes.

The plan is part of the governor’s proposed state budget. More than 1 million households that own real estate as well as 1 million renters would benefit from the tax relief. The tax break applies to homeowners who earn less than $250,000 per year and pay property taxes that comprise more than 6 percent of their income.

For renters to qualify, they would have to earn less than $150,000 per year.

Cuomo did not identify the source of the funding for the program.

“You have no long-term future if you are the tax capital of the nation,” Cuomo said, as cited by Bloomberg News. [Bloomberg News]Mark Maurer

  • richjew

    Source of funding will obviously be higher taxes on multifamily rent regulated landlords.

    • noclist

      or they’ll just nickle and dime everyone with higher gas taxes and tolls.

      • richjew

        Mario Cuomo would not be impressed if his son did something like that.

        Why go after the little guy to pay for the little guy, if you can go after the “big” guy to give to the little guy.

        • noclist

          If it was Mario he’d be tripling property taxes for everyone, not lowering them.

          • richjew

            Not for the lower income people.

  • Tom G

    I thought he was a Dem! Good for him.

  • Cuomobullshit

    Its all smoke and mirrors. Just moving taxes to another place. You cant cut taxes unless you cut spending or have increased tax collections. Financial Services employment is down 10% (thanks to Elizabeth Warren) so no new revenues. Cuomo hasny cut anything and the budget keeps growing. This is a cynical ploy to make himself look effective since he thinks the average voter will be fooled by his games. Better question is why are Ground Zero and the Tappan Zee bridge such endless jobs? and why did he object to cleaning up Port Authority which is a vast rats nest?