The New York State Senate approved legislation sponsored by Senator Michael Balboni that would provide almost $1 billion in much-needed relief to taxpayers across New York State to help pay their school property taxes this fall. The New York State Assembly has also approved the plan.

Balboni (R-East Williston) said, "On Long Island, where we have some of the highest taxes in the country, there is no issue more important than providing property tax relief to hardworking, overburdened taxpayers. This legislation will help homeowners pay their school tax bills when they arrive this fall."

The property tax relief plan (S.8174) offers taxpayers an advance personal income tax refund check this fall for a portion of their school property taxes. Senior citizens would receive a larger benefit than non-seniors. The total tax relief statewide would be $960 million annually.

The new tax credit would be in addition to the existing federal and state deductions for local property taxes, STAR payments and the State circuit breaker tax credit. New Yorkers currently receive a total $3.3 billion benefit from the STAR property tax relief program.

The savings to taxpayers from the new tax credit plan are comparable to the property tax relief included in the 2006-07 budget adopted by the legislature that was vetoed by the governor and overridden by the legislature. The proposal approved today uses a formula-driven tax credit to arrive at comparable savings and therefore is not a budget appropriation. Savings for Nassau County seniors would average $528 under the tax credit and $300 for non-seniors.

Under the new program, current STAR recipients will automatically be mailed tax credit claim forms. Under State law, refund checks must be mailed within 45 days of the receipt of the claim form by the Department of Taxation and Finance.