• Real Property Tax Freeze Credit: Adoption of a "Freeze-Compliant Budget"
  • April 29, 2014
  • Law Firm: Lamb Barnosky LLP - Melville Office
  • The “Real Property Tax Freeze Credit,” a new tax credit available to eligible taxpayers residing in a municipality that adopts a “freeze-compliant budget,” was adopted as part of the 2014-2015 State Budget. Residents will be eligible to receive this tax credit in the first year the credit is available (the specific year depends on the type of municipality) if a municipality (including a school district) adopts a budget that stays within the applicable State tax levy cap requirements. The credit will be available for a second year if the municipality stays within the tax cap and develops a State-approved government efficiency plan.