Assemblyman Reilich (R, C, I –Greece) announced that an agreement on property tax rebates this year for this year’s state budget was reached late in the night.
“The real winners of this relief are the homeowners in New York State who, for so long, have shouldered the heavy burden of high property taxes,” said Reilich. “As a state this relief steers us in the right direction and I hope that we can do more in the following days to provide additional relief to New York’s families and small businesses.”
Reilich stated that the 2006-07 State Budget will provide $805 million in property tax rebates this year and another $960 million is proposed for 2007-08; totaling over $1.7 billion in tax savings for New York’s homeowners.
“I am particularly pleased to announce that the senior citizens in our communities will see $72 million in cost of living increases included for their STAR exemptions for this year and next.” Reilich further noted that STAR rebates will range from $300 to $800, depending on age and property tax. People in the STAR program will get a star property tax rebate check equal to 30 percent of the STAR savings they receive now. This rebate check is on top of the current savings.
Other tax cuts include the elimination of state sales tax on clothing under $110 dollars and several other cuts, totaling $1.58 billion this year, and $1.92 billion in 2007-08; totaling $3.5 billion in tax cuts over two years.