There is simply no greater issue facing local homeowners than skyrocketing property taxes. Despite record increases in school aid, the property tax burden on hardworking New Yorkers continues to rise.
A special commission proposed a property tax cap plan that would allow property taxes to continue to rise by four percent a year. That’s not good enough. Taxpayers are demanding real tax relief, not more tax increases. That’s why I’m proposing a plan that would cut property taxes by 20 percent right away, and completely eliminate them after five years. That is real relief.
Think about this choice - under the tax cap plan, after five years your property taxes could increase by 20 percent. Under my plan, after years, your property taxes would decrease 20 percent a year until they are gone. The difference could not be more clear.
Our property tax reform package will put more money back into the pockets of hardworking homeowners, help thousands of seniors remain in their homes, and encourage young New Yorkers to stay, work and raise a family right here in New York State.
The STOP TAXING OUR PROPERTY plan would give school district voters the authority to eliminate residential property taxes over five years, with revenue replaced by additional State funding; allow localities the option to put a local tax cap in place if they vote to do so; enact comprehensive mandate relief measures to help lower costs for school districts and municipalities, and provide financial incentives for school districts which merge or share services.
Most importantly, my STOP TAXING OUR PROPERTY plan would reduce taxes 20 percent a year rather than limit the year-to-year property tax increase to 4 percent.
The plan would be paid for through existing revenue in the State Budget, just as the State satisfied the Campaign for Fiscal Equity (CFE) lawsuit and provided additional funding for New York and other high-needs school districts throughout the State.
In addition, the enactment of STOP TAXING OUR PROPERTY would signal that the Legislature and Governor are committed to providing property tax relief to homeowners who are challenged by high property taxes, high gas prices, and the high costs of basic grocery staples like bread, milk and eggs.
Families are facing huge challenges in meeting their budgets and we have to take bold, strong action to help them - my property tax relief plan would provide that help. I urge the Governor and the Assembly to support this plan and give hardworking New York taxpayers the real relief they desperately need. Not just more tax increases.
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