Gov. Andrew Cuomo touted the 2014-15 state budget deal in a conference call with reporters on Saturday and singled out the $1.5 billion program for a property tax rebate.

“I believe the single most transformative component of the budget is a property tax program,” Cuomo said in the call, adding, “This budget takes a major step toward reforming that problem which has plagued this state for many years.”

The budget, due to be approved by Monday, proposes $137.9 billion in spending, a 1.9 percent increase over the expiring fiscal year.

The figure does not include spending from the federal government for the Affordable Care Act or Superstorm Sandy recovery.

Under the proposal, the property owners would receive a rebate equal to an annual tax hike as long as a local municipality stays within the state’s property tax cap — currently under 2 percent.

In the second year, a local government would have to find ways to reduce costs through shared services.

A plan would have be signed off on by the state Division of Budget.

Cuomo told reporters there was no “look-back period” in the freeze proposal, but in order to be “reasonable” the state will consider previous efforts to share services in the rebate program.

“Some local governments did a major transformation,” Cuomo said.

Nevertheless, Cuomo said the proposal will go far in reducing spending on the local level.

“I do believe that will create a pressure on the local governments to find efficiencies,” he said.

Meanwhile, the state budget also proposes a renters tax credit that Budget Director Bob Megna says is similar to the circuity-breaker program in that it is linked a household’s income.

The rebate check for property owners will be sent directly to homeowners.

Cuomo’s property tax plan, though agreed to with tweaks, come as he gears up for re-election this year and will need suburban swing voters that could benefit from the plan.