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Thread: Governor Cuomo Signs Legislation To Cut Property Taxes

  1. #1
    Tony Fracasso - Admin
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    Governor Cuomo Signs Legislation To Cut Property Taxes





    Governor Cuomo Signs Legislation To Cut Property Taxes And Cost Of Local Government

    County Officials Will Be Required to Prepare Plans for Shared, Coordinated and Efficient Public Service; State Matches Net Savings of Plans that Eliminate Duplicative Services and Unproductive Government Overhead for Real, Recurring Property Tax Savings.
    http://www.longisland.com/news/05-04...overnment.html

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    Great, first thing is the high cost of those pesky paper clips, the 7 wny counties can now share a case and save us all millions

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    You are going to see a lot of unhappy free footed New Yorkers if Trump changes the property tax deductions...

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    Well, it won't be Trump that changes the internal revenue code; it will be Congress. This whole scheme is part of Cuomo's continuing effort to destroy upstate towns which, with a few exceptions, turn out voters in droves who vote against him.
    Last edited by grump; June 9th, 2017 at 09:54 PM.

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    Member dtwarren's Avatar
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    Quote Originally Posted by Save Us View Post
    You are going to see a lot of unhappy free footed New Yorkers if Trump changes the property tax deductions...
    The number of people who can deduct property taxes, interest payments, etc. have been dwindling for years as a result of the steady increase of the standard deduction and the lower interest rates on mortgages.
    “We in America do not have government by the majority. We have government by the majority who participate.” ― Thomas Jefferson

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    Quote Originally Posted by dtwarren View Post
    The number of people who can deduct property taxes, interest payments, etc. have been dwindling for years as a result of the steady increase of the standard deduction and the lower interest rates on mortgages.
    Governor Cuomo seems to be very very concerned about it, as is Jerry Brown. That should tell you something.

    At the very least it compounds the psychology of high tax implications of this and other high tax states. The federal government is broke and the Fed can't do much of anything, so I wouldn't count on any easy pain free solutions for the impending fiscal crises, both states and federal.

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    Tony Fracasso - Admin
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    Quote Originally Posted by dtwarren View Post
    The number of people who can deduct property taxes, interest payments, etc. have been dwindling for years as a result of the steady increase of the standard deduction and the lower interest rates on mortgages.

    How does having a lower interest rate keep someone from deducting mortgage interest?

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    Member dtwarren's Avatar
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    Quote Originally Posted by WNYresident View Post
    How does having a lower interest rate keep someone from deducting mortgage interest?
    Because your itemized deductions must be greater than the standard deduction. So assuming if you have only mortgage interest and property taxes to itemize both of them combined would have to be in excess of the following:

    The standard deduction for heads of household rises to $9,300 for tax year 2016, up from $9,250, for tax year 2015.The other standard deduction amounts for 2016 remain as they were for 2015: $6,300 for singles and married persons filing separate returns and $12,600 for married couples filing jointly.
    “We in America do not have government by the majority. We have government by the majority who participate.” ― Thomas Jefferson

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