Schumer proposes property tax law change
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- June
- 18
U.S. Sen. Charles E. Schumer said he will introduce federal legislation that could yield hundreds of dollars in annual tax savings for 800,000 taxpayers in upstate New York and the Lower Hudson Valley.
Under the New York Democrat’s proposal, homeowners will be allowed to deduct the full amount of their property taxes from their federal tax bill, generating major tax savings. Schumer is critical of current tax rules that allow homeowners who do not itemize their taxes to deduct only $500 in property taxes ($1,000 if filing jointly). He said those rules increase the tax burden of upstate New Yorkers by $415 million per year or more.
Schumer said that New Yorkers pay more in property taxes than people in all but four other states.
“Across the state and across the country middle class families are up to their necks in property taxes, and all homeowners, no matter how they file their taxes, deserve relief,” Schumer said in a written statement. “This legislation is particularly important at a time of financial uncertainty – it will free up money that can be saved or spent on our families, and give people everywhere a little bit more breathing room.”
In the Hudson Valley 212,000 homeowners could save on average $900 per year, for a total regional savings of $190 million, if the legislation passes, Schumer said.
This entry was posted
on Thursday, June 18th, 2009 at 2:10 pm by Jay Loomis.
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