State Senator Marty Golden (R,C-Brooklyn) announced the passage of a bill he sponsored to extend the $400 property tax rebate program for New York City homeowners. Senator Golden’s legislation is the cornerstone of Mayor Bloomberg’s 2007 property tax cut plan included in the his State of the City Address.
"Cutting taxes is the single most important thing we can do to help working families make ends meet," said Senator Golden. "This was a priority of mine from day-one, and I am pleased to be able to deliver tax cuts to the hardworking homeowners of our great City. Mayor Bloomberg and I agree that the $400 property tax rebate is the right thing to do."
This legislation allows New York City to adopt a local law extending for three additional fiscal years the $400 rebate that was provided to all eligible one, two and three-family home-owners and cooperative and condominium owners. The value of the rebate is over $250 million with an estimated 640,000 homeowners that will qualify for the rebate, of which 460,000 own one, two and three-family homes and 180,000 are cooperative and condominium owners.
In 2004, Senator Golden sponsored the legislation for the $400 property tax rebate program. As a result of Golden’s leadership in the Senate, he was able to deliver the rebate program in the approved New York State Budget.
The Assembly sponsor of this legislation is Assemblyman Farrell.