From the Desk of State Senator Jeff Klein…
I want to share an important milestone with you, as we work together to fight for real property tax relief now. In March, the State Senate passed my legislation which would provide immediate property tax relief for middle class and senior homeowners. My bill mandates varying degrees of relief to ensure that your hard-earned tax dollars are going back into your pocket.
Here's what my legislation does. First, it restores STAR rebate checks for seniors with annual incomes up to $150,000, based on their local property taxes. Second, it creates a circuit breaker tax credit for households earning up to $250,000 annually. This credit kicks in when your property taxes exceed a certain percentage of your household income.
For example – an Enhanced STAR eligible senior, with an annual household income of $60,000 and paying $9,000 in property taxes, would have their STAR rebate check restored at $2,933, and would receive an additional circuit breaker credit of $560. This means over $3,400 in additional tax relief than this senior received in 2009.
In addition, because rents rise when property taxes do, under my bill renters also receive circuit breaker protection based on a property tax equivalent of their rent. Finally, my bill institutes a cap on local school property tax increases to stop spiraling yearly tax increases, with any overrides requiring a super majority of local voters.
I want you to know that I will continue to fight to get this progressive and necessary relief through the State Assembly and on the Governor's desk for signature this year. I stand strong in my commitment to make targeted and real relief a reality in order to keep the dream of homeownership alive for millions of New Yorkers.
Deputy Majority Leader
New York State Senate