ALBANY – A majority of Chenango County residents may benefit from a new property tax credit unveiled this week by New York State Governor Andrew Cuomo.
On Wednesday, the Governor laid out a newly proposed $1.66 billion dollar property tax credit program to provide tax relief to homeowners and renters across the state. It is the first piece of his “2015 Opportunity Agenda.”
According to the office of the governor, the proposal is an attempt to lift the burden of property taxes that have reached state historic levels over the years.
Geared toward providing relief particularly for middle and low income taxpayers, the plan calls for a real property tax credit for households whose property tax burden exceeds six percent their annual income. People with incomes below $250,000 would qualify, and the credit is valued at up to 50 percent the amount by which property taxes exceed the six percent burden threshold.