ALBANY – New York has created a new property tax credit for homeowners who make less than $250,000 a year, with about a quarter of the state's estimated 4.5 million owner-occupied homes expected to qualify.
The new tax credit, included in the state's $212 billion budget approved this week by the Legislature and Gov. Andrew Cuomo, will apply to eligible homeowners whose property tax bill exceeds 6% of their annual income, with some exceptions.
The amount of the credit will be between $250 and $350, and it will be available through 2023. All told, it's expected to result in $383 million in property tax savings each year, according to the state Division of the Budget.