Gov. Andrew Cuomo began rolling out elements of his second term agenda Wednesday, proposing a $1.66 billion program that would provide property tax relief to as many as 1.3 million taxpayers.
“That is going to be my first proposal in the State of the State,” Cuomo told the audience for his speech at Hofstra University on Long Island — saying he chose the location because the region has some of the highest property taxes in the country.
“I am doing it first because I want to signify that this will be the single most important challenge that we are facing economically as a state,” the governor said.
The proposed tax credit would apply to homeowners whose property tax burden exceeds 6 percent of their income. They also must have annual adjusted incomes below $250,000.
The Democrat said when fully phased-in over four years, more than 1.3 million taxpayers would receive an average credit of $950. Details will be part of the State of the State address scheduled for next week.
Senate Majority Leader Dean Skelos said Republicans have a long history of fighting for property tax relief.
“While we look forward to discussing the specifics of Gov. Cuomo’s proposal … it is essential that any enacted property tax relief plan ensures all middle-income families in every region of the state receive property tax relief,” Skelos said.