NY Plan to Eliminate Property Tax
The New York State Senate will act on major property tax relief legislation (S8522) that would result in the complete elimination of school property taxes in school districts that vote to phase them out over five years, with revenue replaced by additional State funding.
The plan, known as New York STOP TAXING OUR PROPERTY (NY-STOP), would reduce school property taxes by 20 percent a year until they are eliminated after five years, rather than simply capping property tax increases, as the Suozzi Commission has proposed.
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; and allow localities the option to put a local tax cap in place. Most importantly, STOP TAXING OUR PROPERTY would reduce taxes 20 percent a year rather than limit the year-to-year property tax increase to 4 percent.
Meanwhile, as part of STOP TAXING OUR PROPERTY, local school districts would also have the option to authorize a local property tax cap if district residents voted to do so through a petition and voting process, allowing localities to have the flexibility they need to address unique district-by-district challenges.
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, passage of NY-STOP 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.
(Thanks to Matt Roberts for working late!)
The plan, known as New York STOP TAXING OUR PROPERTY (NY-STOP), would reduce school property taxes by 20 percent a year until they are eliminated after five years, rather than simply capping property tax increases, as the Suozzi Commission has proposed.
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; and allow localities the option to put a local tax cap in place. Most importantly, STOP TAXING OUR PROPERTY would reduce taxes 20 percent a year rather than limit the year-to-year property tax increase to 4 percent.
Meanwhile, as part of STOP TAXING OUR PROPERTY, local school districts would also have the option to authorize a local property tax cap if district residents voted to do so through a petition and voting process, allowing localities to have the flexibility they need to address unique district-by-district challenges.
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, passage of NY-STOP 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.
(Thanks to Matt Roberts for working late!)
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