Hannon: “Homeowner Protection and Property Tax Rebate Act” to provide New Yorkers with tax relief this year
HANNON: “HOMEOWNER PROTECTION AND PROPERTY TAX REBATE ACT” TO PROVIDE NEW YORKERS WITH TAX RELIEF THIS YEAR
Senator Kemp Hannon along with his fellow Republican delegation announced the “Homeowner Protection and Property Tax Rebate Act,” a major new tax cut initiative that would provide a property tax rebate for every middle-class taxpayer.
“New Yorkers are tired of talking,” said Senator Kemp Hannon. “Property taxes, among other taxes and fees, are out of control in New York State. We need to act now to lessen this unfair burden that has been levied upon taxpayers,” continued Hannon.
The rebate would reimburse homeowners based on how much they pay in property taxes and how much they can afford. The plan also includes a cap on property taxes, along with significant mandate relief to further reduce costs. The comprehensive package would usher in a new era of economic freedom for New York’s taxpayers.
Under the Senate Republican proposal, homeowners would receive a property tax relief check equal to their 2008 STAR property tax rebate or an amount based on their income through a new property tax relief credit, whichever proves more beneficial.
The STAR rebate would be approximately thirty percent of a homeowner’s current STAR exemption, providing hundreds of dollars or more each year in property tax relief. A new “circuit breaker” tax credit would give back 70 percent of all property taxes paid in excess of 6 percent of household income.
The “Homeowner Protection and Property Tax Rebate Act,” also calls for a permanent ban on all unfunded mandates, along with implementation of new reforms at the State Education Department to keep costs down.
In addition, the plan would reduce paperwork for schools, authorize regional transportation and provide school districts with greater flexibility to purchase from existing contracts held by other government entities.
Furthermore, the plan includes a proposal to freeze property taxes for seniors age 70 or older to help address the problem of seniors living on fixed incomes who are being taxed out of their homes.