May 28, 2015

Fiscal Policy Institute: Property Tax Relief for Low- and Middle-Income Property New Yorkers Must Remain a Priority

ITEP Work in Action

Those making the least income relative to other New Yorkers would benefit more from the proposed circuit breaker than from a STAR rebate. Some 40 percent of taxpayers with incomes below $19,000 (the poorest fifth of New Yorkers) would receive a circuit breaker refund, according to an analysis of the governor’s proposal by the Institute on Taxation and Economic Policy. Only 13 percent of taxpayers in this income bracket would receive a STAR rebate check. Taxpayers with incomes under $19,000 would receive 24 percent of the circuit breaker tax credit payments but only 7 percent of the benefit of the STAR rebates.

Read the full report here.