Wednesday, Governor Andrew Cuomo will formally introduce his plan to reduce taxes for homeowners and renters. If passed by Legislature, 1.3 million homeowners and 1 million renters will be walking away with a few hundred dollars in savings annually.
The goal is to cut taxes for homeowners who earn less than $250,000 dollars a year and pay over 6 percent of that income on property taxes. Similarly, renters who make less than $150,000 a year and pay 6 percent to property taxes also fall under Gov. Cuomo's plan. Oh by the way, those income brackets apply to single and joint-filers! This is a step towards Cuomo's goal of keeping housing affordable in New York.
Although, this budget plan has not become law quite yet there is much debate about who benefits from the property tax cut and who doesn't. It seems that senior citizens and singles will certainly benefit for the most part, as these two groups are more likely to earn a moderate income. Business owners and multi-income families are less likely to fall under the income cut off or the tax percentage cut off. The plan is specifically designed for those who cannot afford to continue to pay such large amounts of money towards their property taxes.
