Cuomo: Yates residents will see $1.6M tax relief | ADVERTISEMENT | |
Cuomo: Yates residents will see $1.6M tax reliefYATES COUNTY--According to Gov. Andrew Cuomo's office, some 2,086 Yates County residents will benefit from a property tax relief program, which will result in an average annual credit of $770 and a total savings of $1.6 million when fully phased in. Cuomo announced the first piece of his "2015 Opportunity Agenda" back in January, which is "a $1.66 billion [statewide] property tax credit program that gives relief to homeowners and renters who need it most," according to the governor's press release. Taxpayers with incomes below $250,000 would qualify for this credit, and the credit is valued at up to 50 percent of the amount by which property taxes exceed the 6 percent burden threshold. The specific amount of the credit within that 50 percent is determined on a progressive income scale (refer to chart), so that New Yorkers with the highest tax burdens and lowest income levels will receive the greatest amount of relief. |
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