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ALBANY - The Senate’s Republican majority proposes a new property tax cutting plan that would apply to more people and reject several elements of Gov. Andrew M. Cuomo’s proposal to cut property taxes.
An outline of the Senate majority’s proposal provided to Newsday Tuesday shows that average property owner would see a $458 benefit if the Senate proposal and the existing property tax subsidy is combined. The Senate Republicans also would put the benefit in a property tax rebate check mailed to homeowners, rather than through the tax credit in Cuomo’s plan.
The Senate’s $1.7 billion proposal would provide a break to 3.3 million homeowners. That’s more than twice the number who would receive Cuomo’s property tax break because the Senate would eliminate Cuomo’s “circuit breaker” that would aim more tax breaks to middle and lower income homeowners.
The Senate would also make the property tax cap permanent, rather than continue to have it subject to renewal by the governor and Legislature. The cap limits local property tax growth to 2 percent a year, with some exceptions. School districts voters and local governments can vote to override the cap.