Governor Cuomo today presented a $1.66 billion property tax credit program that he says will give relieve to homeowners and renters who need it most.
When fully phased-in, the plan would see more than 1.3 million state taxpayers get an average credit of $950. The proposal would create a property tax credit for households whose tax property burden exceeds six percent of their income.
Taxpayers with incomes below $250,000 would qualify for the credit and the maximum credit is $2,000
The new credits will be part of the Governor’s Executive Budget to be released next week.
