New York State Assemblyman Fred W. Thiele, Jr. (I, D, WF-Sag Harbor) today commended Governor Cuomo’s new $1.66 billion property tax credit program, aimed at further reducing the property tax burden on New York State residents.

This program, set to be phased in over a four year period, will help taxpayers with incomes below $250,000. The credit is valued at up to 50 percent of the amount by which the property taxes exceed the six percent burden threshold. New Yorkers with the highest tax burdens and lowest income levels will receive the greatest amount of relief. The credit will be based on a sliding scale. Those making less than $75,000 will see 50 percent relief with a maximum amount of relief of $2.000. Those making $75,000-$150,000 will see 40-50 percent relief with a maximum amount of relief of $1,500- $2.000. Those making $150,000-$250,000 will see 15-40 percent relief with a maximum amount of relief of $1,000-$1,500.

State-wide, more than 1.3 million New York taxpayers will receive an average credit of $950. In Suffolk County, 125,167 homeowners are expected to benefit with the average amount of relief approaching $1,148.

The property tax relief proposal also includes a renters’ credit, based upon the estimate that 13.75 percent of annual gross rent is attributed to property taxes. The credit is available to taxpayers at incomes up to $150,000 when the amount attributed to property taxes exceeds six percent of their income. Here, on Long island, the renters’ credit will be capped at $750.

Thiele, who co-sponsored similar legislation in the State Assembly noted, “New York State has made significant progress over the last few years in addressing its property tax crisis. When combining this new tax credit program with the current property tax cap and property tax freeze, we have been able to provide significant relief, saving taxpayers thousands of dollars annually.”