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