New Tax Foundation Study Analyzes New York Property Tax Reform Proposal
June 11, 2008
Across the country people are upset about property taxes, and New York is no exception. In fact, New York State has some of the highest property taxes in the nation. But it looks like there might soon be some improvements to the state’s property tax system.
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.
Here’s an excerpt from the Fiscal Fact, “Sound Tax Policy Coming to New York (?),” by Josh Barro:
We’ve only preliminarily reviewed the Commission’s report, but on balance it appears to contain a good set of recommendations. 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. Governor David Paterson announced this week his support for the tax cap component of the proposal, and we hope to see the other components also gain momentum.