Tag: Pproperty Taxes

Washington, D.C. - February 16, 2011 - (RealEstateRama) -- U.S. Senator Kirsten Gillibrand today announced that the first piece of legislation she is introducing in the 112th Congress is a bill to provide property tax relief for more than 1 million New York homeowners. Senator Gillibrand’s legislation would enable all New Yorkers that pay property taxes to deduct the full amount of money they pay from their federal income taxes. Currently, only homeowners that itemize their federal taxes can deduct the cost of property taxes. Senator Gillibrand’s legislation would make property taxes fully deductable for individuals who do not itemize their federal taxes, providing additional tax relief for up to 30 million Americans, including approximately 1.1 million New Yorkers. The Homeowner Tax Fairness Act would save New York homeowners approximately $1 billion.