CHENANGO COUNTY – Some local policy makers are reluctant to say if New York Governor Andrew Cuomo’s latest proposal to provide more than $2 billion in tax relief for residents and businesses across the state will have a direct benefit in Chenango County.
On Monday, Governor Cuomo announced a plan of a more than $2 billion in tax relief in hopes of boosting economic opportunity, growth and to attract new businesses in the state. According to the Governor, state-wide tax cuts are made possible through years of financial planning that turned a $10 billion deficit into a $2 billion surplus.
Included in the Cuomo’s proposal is a two-year freeze on property taxes, subject to two conditions. During the first year, the state will provide tax rebates to homeowners who live in a jurisdiction only if that jurisdiction adheres to the state mandated 2 percent property tax cap. In the second year, the rebate will continue only if the taxing locality adheres to the tax cap and agrees to a shared services or consolidation plan with another jurisdiction.