New Tax Foundation Study Analyzes New York Property Tax Reform Proposal
A new Tax Foundation Fiscal Fact analyzes the recommendations in a report recently issued by the New York State Commission on Property Tax 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.