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OVERNOR SPITZER SIGNS LEGISLATION EXTENDING PROPERTY TAX RELIEF FOR NYC HOMES, CO-OPS AND CONDOMINIUM OWNERS
$400 per Household in Additional Relief

Governor Spitzer announced today that he has signed into law, legislation allowing New York City to extend, for three additional fiscal years, the $400 property tax rebate for eligible home, co-op and condominium owners. When combined with the Governor’s recently enacted STAR tax relief increase and Mayor Bloomberg’s property tax cut, New York City residents will receive a combined total of more than $2 billion in tax relief this year.

The NYC tax relief extension announced today totals more than $250 million and will be sent to an estimated 640,000 owners who qualify for the rebate, including 460,000 who own one, two and three-family homes and 180,000 who own co-ops or condominiums.

“This law allows us to put millions of dollars back into the pockets of hardworking New York City homeowners who sacrificed the most when the City was in need,” said Governor Spitzer. “I’m pleased that we were able to work with Mayor Bloomberg, Senator Golden and Assemblyman Farrell to make this happen. Coming as it does on top of the STAR tax relief we achieved in this years budget, this provides substantial assistance to New York City families.”

The original statute authorizing the rebate was passed in 2004. It required New York City to reduce property taxes to provide additional relief to taxpayers who had received an 18.5 percent property tax increase in 2003.

This tax relief is in addition to the approximately $1.4 billion that an estimated 3.2 million New York City renters and homeowners will receive this year from the New York State STAR program. This year’s Enacted State Budget provided New York City residents with $223 million more in STAR tax relief than they received last year primarily by increasing the personal income tax credit from $230 to $290 for individuals filing joint returns and from $115 to $145 for all others and establishing a new middle class STAR rebate program for people with income up to $250,000.

Mayor Michael Bloomberg said: “I’d like to thank Governor Spitzer, the Senate and the Assembly for extending the $400 property-tax rebate for New York City homeowners for another three years. The tax rebate is an important part of the more than $1.5 billion in tax reductions that were part of this year’s City budget. The $400 rebates will send money back to the New York City taxpayers and homeowners who helped our City get through the fiscal crisis that followed 9/11 – and they will help continue the strong economic growth we have been fostering in all five boroughs.”

Senator Marty Golden said: “Cutting taxes is the single most important thing we can do to help working families make ends meet. With the cost of living rising due to increases in energy prices, taxpayers are feeling the effects at the gas pump, in our energy bills, and for many other day-to-day goods and services. As the Senate sponsor of this legislation, extending the $400 property tax rebate for an additional three years was a priority of mine and I will continue working to deliver tax cuts to the hardworking taxpayers of our great City.”

Assemblyman Herman D. Farrell, Jr. said, “I’m glad to continue a program that has helped give money back to the taxpayers, the hard-pressed taxpayers in our city, especially those living in coops and condos.”

These initiatives help make New York a more affordable place to live, which is a key component of the administration's economic security agenda that Governor Spitzer announced earlier this week. Also today, Governor Spitzer announced an increase in the shelter allowance to help preserve public housing opportunities for low income New Yorkers.

Governor Spitzer also urged New Yorkers to apply for the Middle Class STAR rebate. While individuals will receive the $400 rebate automatically, homeowners and condominium owners must apply for the additional Middle Class STAR rebate. As in previous years, to receive the personal income tax credit, taxpayers will need to file a tax return or file form NYC-210 with the tax department. Taxpayers can find all these forms online at: www.nystax.gov, or call the department's special STAR hotline at 1-877-678-2769. The deadline to apply is November 30, 2007.