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PROPOSED PROPERTY TAX RELIEF-A Quick Overview

PROPOSED PROPERTY TAX RELIEF-A Quick Overview

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Published by Elliott Auerbach

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Published by: Elliott Auerbach on Jan 22, 2014
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07/25/2014

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The mission of the Ulster County Comptroller’s Office is to serve as an independent agency of the people, to protect the public interest by monitoring County government and to assess and report on the degree to which its operation is economical, efficient and its financial condition sound 
 
COUNTY OF ULSTER
PO BOX 1800 KINGSTON, NEW YORK 12402
GOVERNOR'S PROPOSED BUDGET INCLUDES LOCAL GOVERNMENT PROPERTY TAX FREEZE
*
Governor Cuomo, in his proposed $142 billion SFY 2014-15 Executive Budget, introduces a proposal to freeze local government real property taxes and phase in a real property tax circuit breaker program, increases school aid by $807 million and maintains unrestricted State aid to local governments (non-school) at current levels.
Real Property Tax Freeze
The Executive Budget proposes to freeze the increase in property taxes for homeowners in local governments and school districts that stay within the cap for the next two years. This will be effective for school districts and the Big 4 cities (Buffalo, Rochester, Syracuse and Yonkers) starting with the 2014-15 fiscal year and for all other local governments in fiscal years beginning in 2015 (
NOTE:
 New York City is not subject to the cap.) Homeowners with incomes at or less than $500,000 who reside in a school district or local government that stays within the tax cap will receive a State tax credit equal to the increase in property taxes. The freeze is subject to the following two conditions:
1)
 In year one (2014-15), the State will provide tax rebates to homeowners with qualifying incomes of $500,000 or less who live in a jurisdiction that stays within the 2 percent property tax cap.
2)
 In order for their homeowners to get the tax credit in the second year, school districts and local governments must continue to stay within the tax cap and must develop a plan for sharing or consolidating services and eliminating duplication and overlap. For local governments and dependent school districts, this plan will be coordinated by the county. For independent school districts, it will be coordinated by the school district with the largest enrollment in the BOCES district. Each plan must achieve savings, in the aggregate, in an amount of at least 1 percent of participating entities' levy in the year following the second year of the credit. This percentage increases to 2 percent and 3 percent in subsequent years. These savings must be applied to tax reduction. Failure to achieve planned savings could result in the recapture of State aid to the local government or school district. When fully implemented, local governments and school districts could provide property tax relief of up to $1 billion.
NOTE
: New York City is not subject to the cap.
Residential Real Property Personal Income Tax Credit (Circuit Breaker)
The Executive Budget creates a refundable tax credit against the personal income tax to provide targeted real property tax relief based on an individual homeowner's ability to pay. This relief program is progressively structured to provide a greater proportion of benefits to those with the highest property tax burdens as a share of their income.
Office of the Comptroller
(845) 340-3525 (845) 340-3697 Fax
Elliott Auerbach
Comptroller
Joseph Eriole, Esq.
 Deputy Comptroller
Ronald Clum, CPA
 Director of Internal Audit & Control

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