HEMPSTEAD, N.Y. (CBSNewYork/AP) — New York state is number one in something that affects everyone who owns property –and it is a distinction that Gov. Andrew Cuomo wants to lose.
As CBS2’s Lou Young reported, Cuomo on Wednesday announced a program he said will begin to bring down the highest property taxes in the country.
Cuomo made the announcement Wednesday at Hofstra University in Hempstead, Long Island. He said his proposed property tax credit would apply to homeowners whose property tax burden exceeds 6 percent of their income.
They also must have annual adjusted household incomes below $250,000.
Renters are also included and will get a check from the state — if they earn $150,000, and if the portion of their rent dedicated to taxes exceeds 6 percent of their household income.
“The less you make, the more of a subsidy,” Cuomo said.