Assemblyman Tom McKevitt (R,C,I – East Meadow) announced the passage of a new property tax reduction plan which should address the constitutional concerns that Governor Pataki had with the enacted budget.
The credit is called the “School District Property Tax Credit” and the amount of the credit will vary depending on location.
For senior citizens eligible for Enhanced STAR, whose income is less than $67,850, the amount of the credit will increase by an additional 67 percent.
“We are constantly working to save taxpayers’ money,” said McKevitt. “Long Island property tax bills are outrageous, and we hope this plan provides relief for seniors and all homeowners alike.”
By September 1, 2006, the Commissioner of the Department of Tax and Finance would send out a claim form in the amount of the credit that the taxpayer qualifies for. Taxpayers are able to choose from a one-time advanced payment or, if they choose not to claim the advanced payment, they are eligible for the same amount of credit when they file their state Personal Income Tax return.
Residents of Nassau County should see an average savings of $300, with seniors saving an estimated $530.
In order to claim early, taxpayers must submit the claim form by November 15, 2006. After the 2006 taxable year, a taxpayer will then claim the credit when filing their Personal Income Tax.
“I think we have cleared up many of the issues that kept property tax savings out of taxpayers’ pockets,” stated McKevitt. “I am confident that New Yorkers will see that money returned to them soon.”