Assemblyman Bob Oaks (R,C-Macedon) announced today an agreement has been reached establishing $1.7 billion in real property tax relief. The proposed agreement would give back $805 million in property tax rebates this year as well as $960 million for the 2007-08 fiscal year.
“This is a tremendous victory for not only the Assembly minority conference, but for all residents of New York state,” said Oaks.
The proposed agreement doesn’t stop there. Residents can expect $72 million in cost of living increases in senior STAR for this year and next. STAR rebates will range from $300 to $800 depending on age and property tax levies and taxpayers will receive 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.
“I’m particularly pleased to see the STAR savings increased and money going back to our seniors,” said Oaks. “My major goal in this budget was to deliver significant property tax relief to homeowners and we accomplished that goal.”
Legislators also reached an agreement on the elimination of state sales tax on clothing under $110 dollars and several tax cuts totaling nearly $4 billion over two years.