ALBANY – State Tax Commissioner Kenneth Adams is standing squarely behind the governor’s latest proposal to aid homeowners meet their property tax obligations.
The proposal is geared toward people whose taxes are taking an inordinate bite out of their income.
“If your property tax bill every year is taking more than six percent of your income, that’s too much, and for the amount above six percent, up to half of that, Governor Cuomo wants you to get a credit, wants to give you a way to help pay for that,” Adams said. “This means, generally in the Hudson Valley this means generally about 260,000 homeowners would get an average credit, when it is fully phased in after four years, of about $1,100 to help them pay for the amount that their property taxes are greater than six percent of their income.”
Adams said this latest plan, which would require state legislative approval follows implementation of the two percent tax cap and property tax freeze for qualified homeowners.
