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Homeowners and renters in New York may get some much-needed relief. New York Governor Andrew Cuomo has unveiled a $1.66 billion plan to offer relief to homeowners, renters with high property tax bills.

The plan will be included as part of the governor’s upcoming budget proposal for the state. Under the plan, credits will go to homeowners whose property tax bills exceed six percent of their total income.

“The program would be offered to taxpayers with incomes below $250,000 and who live in municipalities outside New York City that abide by the state’s 2 percent cap on annual property tax growth,” reports The New York Daily News.Renters are also included in Cuomo’s proposal. There would be a renters’ credit for tenants with incomes of up to $150,000 and whose share of the rent bill attributed to property taxes exceeds six percent of their income. “The state assumes that 13.75 percent of an annual rent bill is attributed to property taxes,” reports the News.

A maximum credit of $2,000 would be given to homeowners and renters if the program is fully implemented.

According to administration officials, the plan will benefit 1.3 million taxpayers, including 209,584 in the city. It would be phased in over four years. “Cuomo said his proposal would be another way to cut down on New York’s property taxes, which are among the highest in the nation,” reports WGRZ.

“When you look at the problems we are facing and you look at the issues we are dealing with they all come back to the taxes,” Cuomo told an audience at Hofstra University.

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