Outlines Proposal to Cut Property Taxes and Deliver Relief to Homeowners in Oneida County
Albany, NY – March 20, 2014 – (RealEstateRama) — Governor Andrew M. Cuomo today announced support from 175 local elected officials for his plan to cut property taxes. The Governor also detailed his proposal to cut property taxes and encourage local governments to reduce costs earlier today at Mohawk Valley Community College in Oneida County.
“Sky-high property taxes have been driving families and businesses out of Upstate New York for far too long, but this year we have an opportunity to change the dynamic,” Governor Cuomo said. “Thanks to three years of responsible fiscal management, we now have an opportunity to cut property taxes, incentivize local governments to reduce costs, and provide more than $1 billion in real tax relief to millions of New Yorkers. In order for this to happen, the legislature must pass our property tax cut proposal this year. Today we heard from local leaders representing communities across the Mohawk Valley who have taken a stand in support of this goal. I commend them for joining us, and urge all New Yorkers to make their voices heard by calling on the legislature to pass property tax relief this year.”
Oneida County Executive Anthony Picente said, “We made progress in 2011 with the first-ever property tax cap enacted by Governor Cuomo. I commend him for his unwavering leadership to reduce the tax burden on our families and will work alongside him this year to make certain that we accomplish this.”
Montgomery County Executive Matt Ossenfort said, “It is encouraging that Governor Cuomo has been able to push property tax relief to the forefront of the agenda in Albany while aggressively addressing the need for consolidation and shared services on the local level. I support the Governor in this effort and am looking forward to working with the new Legislature in Montgomery County as we continue our ongoing efforts to be more efficient and create economic opportunities for County residents.”
Chairman Vincent Bono of the Herkimer County Legislature said, “It is important for counties like Herkimer, that in order to move forward and grow we must look at creative ways of consolidation and stream-lining of government services. I support Governor Cuomo’s property tax plan as a way to address the issue of burdensome property taxes and consolidation.”
Chairman Tom Quackenbush of the Montgomery County Legislature said, “I support and commend Governor Cuomo on his plan for property tax relief and consolidation, which is long overdue. I look forward to working with the Governor and County Executive Matt Ossenfort in giving these municipalities the tools they need to share services and cut taxes.”
In addition to the individuals who spoke at today’s event in favor of the Governor’s push for property tax relief, the following local leaders have joined the ranks of hundreds of other elected officials from around the State in calling for property tax cuts this year:
The Governor’s plan would freeze property taxes for two years in communities where the local government also takes steps to consolidate and share services, and would provide relief based on an individual homeowner’s ability to pay. During year two of the Governor’s freeze proposal, approximately 132,500 Mohawk Valley homeowners could save as much as $20 million, with an average benefit of $150. Under the circuit breaker proposal, approximately 76,000 households will qualify for an average real property personal income tax credit of $315, totaling $24 million in savings to Mohawk Valley residents.
Property Tax Freeze
The property tax freeze is a two year proposal that is designed to incentivize local governments to share services and reduce their financial burden on the taxpayer. New Yorkers will be eligible for property tax relief in the first year of the freeze if their local governments stay within the property tax cap. During the second year, the freeze will continue to provide relief to New Yorkers if their local governments remain within the property tax cap and also pursue concrete steps to consolidate, share services, and ultimately reduce costs. When fully implemented, the freeze would result in tax relief of up to $1 billion from local governments and school districts, with an average benefit of $354 for as many as 2.8 million taxpayers.
Circuit Breaker Based on Ability to Pay
Currently, as many as two million low- and middle-income New Yorkers pay an effective real property tax rate relative to income that exceeds their income tax rate. The Governor’s circuit breaker proposal would create a progressively distributed tax credit in order to provide relief based on an individual homeowner’s ability to pay. When fully implemented, the circuit breaker would provide approximately two million New Yorkers with an average benefit of $500.
“No Excuses”
Just two weeks ago, the Governor launched the “No Excuses” push to help pass his proposed property tax cuts. The initiative includes a website (http://cutpropertytaxes.ny.gov/), testimonial from elected officials, advocacy groups, and homeowners who are burdened by high tax rates. The Governor is also urging New Yorkers to contact their legislators to make their voices heard. Click here to watch a video marking the start of the “No Excuses” initiative (for TV stations, a high-definition version can be downloaded here).
Contact Information:
Governor’s Press Office
NYC Press Office: 212.681.4640
Albany Press Office: 518.474.8418
press.office (at) exec.ny (dot) gov
