Following the release of a report by a tax commission appointed by Governor Andrew Cuomo, New York State Assembly Speaker Sheldon Silver says property tax relief is necessary for the state. He told reporters today that it's the first tax that should be cut as long as it is within the budget and doesn't harm schools or education in the state.
"The Governor's proposed or indicated he would do a renter's exemption or a renter's credit and we have to look at the whole thing on balance," Speaker Silver says. "And remember that we still have to support schools in the state and a lot of other things that are necessary. So within the affordability property tax should be the number one target."
Based on the findings of tax commission's report, Cuomo says that property tax is the "worst and most crushing tax" in the state. Former Governor George Pataki and former State Comptroller Carl McCall, both named chairs of the tax commission, recommended that for the next two years, all property taxes in New York be "frozen."
"People don't know the income tax rate they pay," Governor Cuomo says. "They all know how much they pay for property taxes. And we pay some of the highest property taxes in the United States of America. The downstate suburbs, Nassua, Suffolk, Rockland, Westchester, literally in the absolute dollar some of the highest property taxes in the country. The upstate counties, by percentage of home value they pay the highest taxes in the nation. Number one tax on business, property taxes. Number one tax we collect, $50 billion in property taxes, only $40 billion in personal income tax. The commission came back and recommended a two year freeze in property taxes subsidized by the state. Which means property taxes for the next two years would be frozen. Zero percent increase, zero and zero."
Also recommended was a "circuit breaker relief" for lower income families and reducing corporate income tax in the state.
