At an end of the year cabinet meeting, representatives from Gov. Andrew Cuomo’s office outlined a $2 billion tax reduction package for the state beginning in the 2014 state fiscal year. The proposal includes a two-year "freeze" on homeowners’ property tax burden in localities that keep budget increases within the two-percent tax cap and proposes a "circuit breaker" tax mechanism, which caps the proportion of household income that a homeowner would have to pay as property taxes. 

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