Property tax reduction program launched

ALBANY – Gov. Andrew Cuomo recently launched the Municipal Restructuring Fund – a new $25 million program to assist local government and school officials with developing transformative projects that could lead to property tax reductions.

“Streamlining government and increasing efficiency is vital to making New York more affordable,” Cuomo said in a news release. “This new initiative is just one of the ways we are helping local governments find new and innovative ways to cut costs and reduce burdens on taxpayers and look forward to see this new program benefit communities across the state.”

The MRF is a grant program funded through the 2015-16 state budget with a continuous recruitment process. Projects submitted through the program will be ranked as they are received based upon established criteria until funding is exhausted, the news release said.

Projects will be ranked by metrics that include potential impact across local governments, service delivery areas and municipal functions, and have potential for long-term property tax savings.

Local governments interested in partnering with the Department of State on transformative restructuring programs should contact the Division of Local Government Services, at 473-3355, the news release said.

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