Assemblyman Kolb (R, C –Canandaigua) today announces that in a late-night negotiation session both houses of the legislature have reached an agreement that will provide New York taxpayers approximately $4 billion in property tax rebates over the next two years.
“The agreement reached comes as a welcomed sigh of relief for New Yorkers living in the Finger Lakes region,” said Kolb. “Over the next two years residents across our state will see nearly two billion dollars in savings thanks to this agreement. This relief steers our state in a direction of real property tax reform.”
The legislature’s agreement provides $805 million in property tax rebates this year and $960 million in 2007-08, totaling $1.765 billion over the next two years. Kolb noted additional relief that provides $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 the homeowner's age and particular property tax levy.
Another provision agreed upon is the elimination of the State sales tax on clothing under $110 dollars. Several other measures including a child tax credit of $300 for children ages 4-17, ultimately accumulate to nearly $4 billion worth of tax cuts over 2 years.