Cuomo: Yates residents will see $1.6M tax relief

YATES 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.
In neighboring Schuyler County, some 1,758 beneficiaries will see an average credit of $727 and a total savings of $1.3 million. Steuben County's 6,833 beneficiaries will see an average credit of $671 and a total savings of $4.6 million.
However, the governor's estimates apply to when the program is fully phased in over the next four years.
"All facets of the program will be phased in over four years, and only school taxes will apply in the first year," according to Cuomo's press release. "More than half of the full benefit will be phased-in by the 2016 tax year, and 81 percent will be phased in by 2017."
Outside of New York City, only the taxes levied by a tax cap-compliant jurisdiction are included in the credit calculation.