Should millionaires get the circuit breaker for New York City property tax?
Listen to our friend Vicki Been ask about whether millionaires should get the New York City property tax circuit breaker.
What is the circuit breaker?
I suppose circuit breakers need some description nowadays, since they have become rare and shy of the Common People, as they call us. They are a cut off for the property tax based on your income. So if you make $400,000 a year and your net worth is $100 million dollars but your property tax is $120,000 a year, this question is asking should you qualify for the circuit breaker.
What do you think?
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