The enacted budget includes a property tax rebate program in the form of an income tax credit to be extended to qualified homeowners if their local municipal government and school districts keep their tax growth below the two percent property tax cap.
In the program’s second year, local governments will have to submit cost-cutting plans to reduce their tax levy by at least one percent for each of the following three years for homeowners to receive the rebate. Plans are subject to approval by the NYS Division of Budget.
Unshackle Upstate was a driving force behind the State’s landmark 2011 Property Tax Cap and remains supportive of measures to reduce New York’s crushing property tax burden, but feels this program eschews true reform of the underlying cause of New York’s highest-in-the-nation property taxes – burdensome unfunded state mandates.
While finding government efficiencies at the local level is certainly laudable, it simply ignores the root of the problem.
Further, Unshackle Upstate supports property tax relief that benefits all property taxpayers, including small business.