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More than 5,000 St. Lawrence County households could get property tax cuts

Posted 3/3/15

More than 5,000 households in St. Lawrence County could start seeing an average annual property tax break of about $616 per year, according to Gov. Andrew Cuomo’s office. If approved, the property …

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More than 5,000 St. Lawrence County households could get property tax cuts

Posted

More than 5,000 households in St. Lawrence County could start seeing an average annual property tax break of about $616 per year, according to Gov. Andrew Cuomo’s office.

If approved, the property tax relief iprogram will be available to homeowners with incomes below $250,000 whose property taxes exceed 6 percent of their income. The credit is valued at up to 50 percent of the amount by which property taxes exceed the 6 percent burden threshold, depending on household income. The specific amount of the credit within that 50 percent is determined on a progressive income scale, so that New Yorkers with the highest tax burdens and lowest income levels will receive the greatest amount of relief.

Cuomo says the tax cut is an extension of the 2011 property tax cap and the 2014 property tax freeze incentive program.

The tax cap is a law that says municipalities cannot raise taxes by more than 2 percent without passing a local law.

The tax freeze program grants a cut to homeowners with children under age 17 if the taxing entity can keep taxes even with the previous year.