Bonacic: Senate To Push For Property Tax Relief In 2008

John J. Bonacic

March 14, 2008

2008 Will Mark Third Year in a Row Senate Advances Plan to Assist New Yorkers

State Senator John J. Bonacic (R/I/C - Mount Hope) announced today that the Senate Majority has unveiled its plan to provide hard working New Yorkers and seniors meaningful property tax relief and reform.

"This is the single most pressing issue facing the people of our region," stated Senator Bonacic. "Our seniors are being forced to sell their lifelong investment, families are finding it difficult to remain in their homes, and our young people cannot afford to realize the American dream of home ownership."

Senator Bonacic said that for many years, he was the lone voice in the Legislature calling for real property tax reform. Now, with the backing of his Senate colleagues, the Senator is renewing his call as well as urging the Assembly to take action. "It is unconscionable that the Assembly Democrats and their leadership cannot work to resolve an issue that is extremely problematic for the majority of New Yorkers," continued Senator Bonacic.

It calls for the elimination of the school property tax for homeowners, provides STAR rebates for the majority of homeowners and increases rebates for seniors.

Senator Bonacic said, "While I believe providing homeowners with rebate checks provides some relief and is a positive step, the long-term reform provisions are critical components to the economic vitality of our residents and businesses alike."

The plan includes the Senate’s NY-STOP provision (Stop Taxing Our Property) which authorizes school districts to freeze the tax rate for seniors over the age of 65. Also, each school district would be authorized to take a public vote to determine if real property taxes on primary residences would be phased out over five years and replaced with additional State funding under a new school aid formula.

"It is my hope that the Assembly will finally listen to the people they represent and approve the Senate’s comprehensive tax reform and relief plan. It is long overdue," concluded Senator Bonacic.

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