SUFFOLK COUNTY, NY – (January 14, 2015) – Today, Suffolk County Executive Steve Bellone joined New York State Governor Andrew Cuomo along with state and regional officials at Hofstra University to announce a $1.66 billion property tax credit program that will provide tax relief to homeowners. More than 125,000 Suffolk County residents will be eligible to receive the tax break.
“For years, high property taxes have burdened homeowners right here in Suffolk County,” said County Executive Steve Bellone. “This plan will give back nearly $1 billion per year to property owners throughout the state. This is another example of various levels of government working together to implement change and to move our county and state in the right direction.”
“In absolute dollars, downstate New York has the highest property taxes in the United States. This is a terrible issue all across the state of New York, […] and this is not a formula for economic success.” said Governor Andrew Cuomo at today’s announcement. “This will be the first time we will get ahead of this problem as we are making significant progress on what I believe is the major problem in this state.”
According to the property tax credit program proposition, Suffolk County taxpayers that are eligible for the program will receive an average credit of $1,148. More than 1.3 million residents throughout New York State will receive an average credit of $950. Taxpayers with incomes below $250,000 will quality for the program, and the credit is valued up to 50 percent of the amount by which the property tax exceeds the six percent burden threshold.
The property tax credit relief plan is proposed in addition to the governor’s 2011 statewide property tax cap and property tax freeze that was enacted last year.