Senate Brings Together Public Officials, Tax Relief Organizations & Others To Review Property Tax Exemptions

 

New York State’s property tax crisis has reached the point where not only the property taxes New Yorkers pay have become sources of significant fiscal stress, but so have the system’s relief measures. Senator Liz Krueger (D-Manhattan) notes that, according to the New York State Office of Real Property Services, between 2000 and 2008, the total equalized exempt value of property statewide rose 80 percent from $441 billion to $797 billion. While schools, charitable organizations and hospitals benefited from certain exemptions, their increased value meant there was over $350 billion in additional property value that local governments could not tax to fund municipal operations and schools; thus making non-exempt taxpayers shoulder a heavier tax burden.
 
With property tax exemptions climbing toward unsustainable levels, imposing greater burdens on taxpayers, and acting as a hurdle to real property tax reform, the Senate Select Committee on Budget and Tax Reform, chaired by Senator Krueger, will convene a roundtable meeting to discuss the costs and benefits of these exemptions.
 
WHO:
Senator Liz Krueger, Chair
Senator Bill Perkins (D-Harlem)
Senator Betty Little (R-Queensbury)
Senator John Bonacic (R-Mt. Hope)
New York City Department of Finance Commissioner David Frankel
Albany Mayor Gerald Jennings
New York State Camp Directors Association
Fiscal Policy Institute
Property Rights Foundation of America
The Adirondack Council
New York State School Boards Association
New York State Conference of Mayors
Healthcare Association of New York State
Niagara County Industrial Development Authority
New York Council of Nonprofits and others.
 
WHEN:
TODAY, Tuesday, October 13, 2009 at 12:30 p.m.
 
WHERE:
Senate Majority Conference Room, Capitol, Room 332, Albany, NY
 
 
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