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Governor Cuomo makes tax relief a top priority in his fourth State of the State address

Jan 09, 2014
Gov. Andrew Cuomo delivered his fourth State of the State address on Wednesday, January 8, 2014.  Included in his speech were several proposals important to New York State’s REALTORS including:

• A proposal to freeze property taxes: The proposal will freeze property taxes for two years, providing nearly $1 billion in tax relief. Residents will be eligible for the freeze in the first year if their local governments stay within the property tax cap. During the second year, local governments must also take concrete steps to share services and reduce costs in order to remain under the freeze.

• Creation of a property tax “Circuit Breaker”: The governor proposed phasing in of a “Circuit Breaker” for families that make less than $200,000.  This would result in a property tax reduction based on income.

• A renter’s tax credit: The proposal is a refundable personal income tax credit that takes into account a family’s size. The credit will be available to renters with incomes below $100,000 and is expected to provide more than $400 million in tax relief for 2.6 million renters.

• Creating 3,000 units of affordable housing: The governor proposed a $100 million investment to build and preserve 3,000 affordable housing units in multi-family developments.

New York State Association of REALTORS Chief Executive Officer Duncan R. MacKenzie issued the following statement in response to Governor Cuomo’s property tax relief proposals:

“New York State’s obscenely high property taxes are shameful and can create an insurmountable barrier to homeownership for hardworking families. Governor Cuomo’s plan strikes at the heart of this issue – this is ultimately a spending problem more than a taxing problem.  New York’s REALTORS believe consolidations and shared services are key components of a long-term solution to the property tax crisis.”

For more information on the governor’s proposals, click here.
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