Governor’s plan to ease tax burden may benefit Chenango homeowners
ALBANY – A majority of Chenango County residents may benefit from a new property tax credit unveiled this week by New York State Governor Andrew Cuomo.
On Wednesday, the Governor laid out a newly proposed $1.66 billion dollar property tax credit program to provide tax relief to homeowners and renters across the state. It is the first piece of his “2015 Opportunity Agenda.”
According to the office of the governor, the proposal is an attempt to lift the burden of property taxes that have reached state historic levels over the years.
Geared toward providing relief particularly for middle and low income taxpayers, the plan calls for a real property tax credit for households whose property tax burden exceeds six percent their annual income. People with incomes below $250,000 would qualify, and the credit is valued at up to 50 percent the amount by which property taxes exceed the six percent burden threshold.
In Chenango County, where the median income hovers $43,000, according to the U.S. Census Bureau, most residents are likely to benefit, said Chenango County treasurer William Craine.
“We talk about the fact that real property taxes are high. This is a slightly different approach and it may work well,” Craine said. “Time will tell.”
After it’s fully phased in, the governor’s plan estimates more than 1.3 million taxpayers statewide will receive an average credit of $950. In upstate New York, an anticipated 543,000 beneficiaries will receive an average $781 in property tax credits.
In a press conference Wednesday, Cuomo said, the plan is the first of its kind in the state, offering relief to low wage earning taxpayers whose property taxes exceed their mortgage payment.
“This will be the first time there is an actual cut, and that is significant progress on what I believe is the major problem facing this state,” said Cuomo.
The plan follows previous tax relief initiatives implemented by the Cuomo administration. In 2011, the state implemented the 2 percent property tax cap which mandated local municipalities to keep tax hikes under 2 percent.
The tax cap initiative was followed last year by a plan to offer a two-year property tax freeze for homeowners, subject to two conditions: 1) the taxing jurisdiction adheres to the state mandated 2 percent tax cap in the first year; 2) jurisdictions adhere to the tax cap while also taking steps to share services or consolidate with other jurisdictions during the second year.
Chenango County legislators are presently developing an efficiency plan that identifies possible areas for shared services in order to qualify for the tax freeze. Hopes are to have the plan complete in the coming months, said Craine.
Cuomo intends to outline his new proposal in the State of State address scheduled for Jan. 21.
On Wednesday, the Governor laid out a newly proposed $1.66 billion dollar property tax credit program to provide tax relief to homeowners and renters across the state. It is the first piece of his “2015 Opportunity Agenda.”
According to the office of the governor, the proposal is an attempt to lift the burden of property taxes that have reached state historic levels over the years.
Geared toward providing relief particularly for middle and low income taxpayers, the plan calls for a real property tax credit for households whose property tax burden exceeds six percent their annual income. People with incomes below $250,000 would qualify, and the credit is valued at up to 50 percent the amount by which property taxes exceed the six percent burden threshold.
In Chenango County, where the median income hovers $43,000, according to the U.S. Census Bureau, most residents are likely to benefit, said Chenango County treasurer William Craine.
“We talk about the fact that real property taxes are high. This is a slightly different approach and it may work well,” Craine said. “Time will tell.”
After it’s fully phased in, the governor’s plan estimates more than 1.3 million taxpayers statewide will receive an average credit of $950. In upstate New York, an anticipated 543,000 beneficiaries will receive an average $781 in property tax credits.
In a press conference Wednesday, Cuomo said, the plan is the first of its kind in the state, offering relief to low wage earning taxpayers whose property taxes exceed their mortgage payment.
“This will be the first time there is an actual cut, and that is significant progress on what I believe is the major problem facing this state,” said Cuomo.
The plan follows previous tax relief initiatives implemented by the Cuomo administration. In 2011, the state implemented the 2 percent property tax cap which mandated local municipalities to keep tax hikes under 2 percent.
The tax cap initiative was followed last year by a plan to offer a two-year property tax freeze for homeowners, subject to two conditions: 1) the taxing jurisdiction adheres to the state mandated 2 percent tax cap in the first year; 2) jurisdictions adhere to the tax cap while also taking steps to share services or consolidate with other jurisdictions during the second year.
Chenango County legislators are presently developing an efficiency plan that identifies possible areas for shared services in order to qualify for the tax freeze. Hopes are to have the plan complete in the coming months, said Craine.
Cuomo intends to outline his new proposal in the State of State address scheduled for Jan. 21.
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