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New Tax Foundation Study Analyzes New York Property Tax Reform Proposal

1 min read

A new TaxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. Foundation Fiscal Fact analyzes the recommendations in a report recently issued by the New York State Commission on Property TaxA property tax is primarily levied on immovable property like land and buildings, as well as on tangible personal property that is movable, like vehicles and equipment. Property taxes are the single largest source of state and local revenue in the U.S. and help fund schools, roads, police, and other services. Relief. The bipartisan panel was established last year by Governor Eliot Spitzer to propose solutions to rein in ballooning property taxes while maintaining the state’s commitment to public education.

The proposals appear to improve an existing property tax rebate program that rewards school districts for raising taxes; provide a meaningful cap on property tax levies; and increase transparency. Additionally, the tax-limiting proposals are joined with cost-control measures, so that property tax savings can actually accrue to New Yorkers instead of being shifted to increases in other taxes.

Read the Tax Foundation Fiscal Fact. Read the commission’s recommendations (PDF). Learn more about property taxes and taxes in New York State.