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Cuomo to propose property tax credit program

HEMPSTEA (AP) — Gov. Andrew M. Cuomo is proposing a $1.66 billion property tax credit program.

He made the announcement Wednesday at Hofstra University on Long Island. Cuomo says Long Island homeowners have the highest property tax burden in the country.

He says the tax credit would apply to homeowners whose property tax burden exceeds 6 percent of their income. They also must have annual household incomes below $250,000.

Cuomo says addressing property tax concerns will be the highest priority as he begins his second term as governor. He says when fully phased-in over four years, more than 1.3 million taxpayers would receive an average credit of $950.

The new proposal follows tax-cut initiatives in his first term. He imposed a 2 percent cap on what local governments could levy in 2011.