Provides a real property tax relief credit and an enhanced real property tax circuit breaker credit for certain taxpayers who meet income requirements and other eligibility.
Increases the real property tax circuit breaker credit income limits to $100,000; removes real property tax rebates from real property taxes that qualify under such credit.
Creates the middle class circuit breaker tax credit allowing a credit against personal income tax, equal to seventy percent of the amount by which the taxpayer's net real property tax or the taxpayer's real property tax equivalent exceeds the taxpayer's maximum real property tax; establishes a tax reform study commission.
Abolishes the class share system and partial valuation; provides a homestead exemption and a real property tax circuit breaker abatement; repeals partial tax abatement for residential real property held in the cooperative or condominium form of ownership; defines co-ops and condominiums as class one properties.
Creates the New York state home ownership savings plan; creates a property tax exemption related thereto; creates exemptions for properties purchased in target areas with a New York state home ownership savings plan.