Assemblywoman Sandy Galef (95th District – covering the Towns of Cortlandt, Ossining, Kent, Philipstown, Putnam Valley and the City of Peekskill in parts of Westchester and Putnam Counties) recently offered this explanation of the current tax freeze rebate and shared services incentive plan:
“If schools, municipalities and counties (and libraries who raise funds through property taxes) stay within the state-mandated property tax levy cap, New York State has agreed to make sure property taxpayers will pay no more than they did the prior year in municipal, school, or county property taxes.
- In Year One, if these government entities stay within the cap, property taxpayers would receive a check for a tax credit in the mail to bring their increase down to zero.
- In Year Two of the tax freeze, the state requires all municipalities and school districts who want to guarantee their taxpayers receive this same tax credit, to not only stay within the tax levy cap, but also to identify strategies that will result in 1% savings to their budgets in each year of the following three years, by sharing and coordinating services within and between themselves to make government more efficient.
“If your schools and municipalities hold up their part of this bargain, eligible property taxpayers will receive a credit for any increase in property taxes for two straight years.”
A recent news article also provided information on the topic:
The full text of the Property Tax Credit amendment can be found here.