Halloween Treat: Westchester County Announces Property Tax Cut In New Budget
GREENBURGH, N.Y. (CBSNewYork) – Halloween week is normally a suspenseful time for Westchester property owners – as they wonder what the proposed county budget will do to their taxes.
They usually have to wait until early November, but an early treat came Wednesday, as the county executive revealed plans for a tax cut!
With so many complaining high taxes are bleeding homeowners dry, it comes as welcome news.
"We will be presenting a budget to the board of legislators that will cut the county property tax levy. County taxes are only 20 percent of the overall property tax bill," County Executive George Latimer said.
A cut sounds good to the Marone family, who own a home and are building a home delivery milk business.
"Of course, the more everybody saves, they can put back into the community, support local businesses such as myself," Matt Marone of Greenburgh said.
Latimer says this year's passage of a sales tax increase is a big reason why Westchester can afford to cut property taxes.
"You will see for the first time this year that in the budget that more of the county budget is being funded by sales tax than by property tax and I believe that will be the first time in county history that that will be the case," Latimer explained.
In addition to the tax cut, the county has a new Bee-Line bus contract, saving several million dollars a year.
The county also negotiated with Airbnb to collect occupancy tax on rentals in Westchester. That money is adding up fast - a half-million dollars in the next budget.
Homeowners worry about their credit rating and the county worries about its bond rating. Westchester has lost the coveted "Triple-A" status.
Latimer says his budget will take steps to earn it back.
The county is finalizing details and will announce the exact size of the tax cut next week.
