Governor to Co-ops and Condos: "Yes, You're Included"

Jan. 16, 2015 — Following up on this week's announcement that Governor Andrew Cuomo would be proposing a tax credit to homeowners whose property taxes make up more than 6 percent of their income, a spokesperson for the governor has clarified that yes, co-op and condo owners are included. "Condos and co-ops are included, exactly the same as if you own a home. [They have] a different rate structure, but that doesn't impact the fact that they still pay property taxes," said Morris Peters, a spokesman for the governor's budget office. The property tax credit, which will affect more than 1.3 million homeowners and 1 million renters, will be included in the governor's proposed budget next week. The goal is to aid households whose income is less than $250,000 annually and whose property taxes are at least 6 percent of that income. Outside of New York City, homeowners who fit the financial qualifications will only be eligible if their communities keep their property tax increase under that cap. As far as renters are concerned, the terms to qualify are slightly different: renters must have an income of less than $150,000 and the portion of their rent attributed to property taxes must be more than 6 percent. According the governor's office, "the total taxpayer benefit from this new proposal will reach as high as $1.66 billion on an annual basis" after four years.