Chains for property tax relief moved to 2020
ALBANY – Chenango County property owners who received a “tax freeze” check in November of 2014 are in for some good news; another round of property tax relief disbursements will make their way to mailboxes by the end of the year and increased relief in the near future.
“This year’s session ended with good news for taxpayers – property tax relief,” said New York State Senator Tom Libous (R-52), summing up the positive bullets of the 2015 legislative session.
Last week it was announced that the state assembly succeeded in extending the highly effective property tax cap.
Since its enactment in 2011, the real property tax cap has dramatically reduced the growth in local property taxes. Through the first three years of the cap, the typical property taxpayer has saved more than $800, compared to if taxes had continued to grow at the previous growth rate.
The comptrollers office suggests that if the trend continues, by 2017, the typical taxpayer will have saved more than $2,100 in local property taxes as a result of the cap.
Governor Andrew Cuomo's office estimates that the program has already saved taxpayers nearly $7.6 billion over the past four years. The cap, which was set to expire in 2016, will now be extended until 2020; even more good news for taxpayers and businesses.
Building on the success of the property tax cap, new legislation rolled out this session includes even more rebates for STAR-eligible homeowners throughout the state. Throughout the next four years, these taxpayers will be eligible for their share of more than $3 billion in new property tax rebates set to begin in 2016.
When the new rebate amounts are combined with the existing tax freeze check planned for next year, Libous indicates that a total of $900 million in property tax relief checks will be sent, which averages out to approximately $350 per eligible homeowner statewide.
In 2019-2020, this new tax relief will be fully phased in and a total of $1.3 billion will be issued to New York taxpayers. The program is progressively structured so that taxpayers with lower incomes receive a higher benefit, and all homeowners with incomes below $275,000 who live in school districts that comply with the property tax cap will be eligible to receive the credit.
This year, 98 percent of school districts in New York State complied with the cap.
“This year’s session ended with good news for taxpayers – property tax relief,” said New York State Senator Tom Libous (R-52), summing up the positive bullets of the 2015 legislative session.
Last week it was announced that the state assembly succeeded in extending the highly effective property tax cap.
Since its enactment in 2011, the real property tax cap has dramatically reduced the growth in local property taxes. Through the first three years of the cap, the typical property taxpayer has saved more than $800, compared to if taxes had continued to grow at the previous growth rate.
The comptrollers office suggests that if the trend continues, by 2017, the typical taxpayer will have saved more than $2,100 in local property taxes as a result of the cap.
Governor Andrew Cuomo's office estimates that the program has already saved taxpayers nearly $7.6 billion over the past four years. The cap, which was set to expire in 2016, will now be extended until 2020; even more good news for taxpayers and businesses.
Building on the success of the property tax cap, new legislation rolled out this session includes even more rebates for STAR-eligible homeowners throughout the state. Throughout the next four years, these taxpayers will be eligible for their share of more than $3 billion in new property tax rebates set to begin in 2016.
When the new rebate amounts are combined with the existing tax freeze check planned for next year, Libous indicates that a total of $900 million in property tax relief checks will be sent, which averages out to approximately $350 per eligible homeowner statewide.
In 2019-2020, this new tax relief will be fully phased in and a total of $1.3 billion will be issued to New York taxpayers. The program is progressively structured so that taxpayers with lower incomes receive a higher benefit, and all homeowners with incomes below $275,000 who live in school districts that comply with the property tax cap will be eligible to receive the credit.
This year, 98 percent of school districts in New York State complied with the cap.
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