Albany- New York State Senator Michael F. Nozzolio (R-Fayette) today announced a three part plan to provide $2.6 billion in property tax relief this year and $3.4 billion in 2008. The plan would give voters greater input on local property tax rates and establish a Blue Ribbon Commission to make reforms to help reduce property taxes.
“As State Senator, my number one priority is working to reduce the burden on New York’s taxpayers,” said Senator Nozzolio. “This property tax relief plan put together by my colleagues and I in the Senate will provide relief to homeowners this year and for years to come and will put even more money back where it rightfully belongs, into the pockets of the hardworking residents of New York”
The three-part Senate property tax relief plan includes:
TRIPLE PROPERTY TAX REBATE CHECKS -- REBATE PLUS
The total value of the Rebate-NY program in 2006 was approximately $875 million. The Rebate Plus plan would triple the current rebate/credit program across the state in 2007 and would approximately quadruple it in 2008. The Rebate Plus plan would provide $2.6 billion in tax relief in 2007-08 and $3.4 billion in 2008-09.
Voter-Initiated Tax Rate Limits
This proposal would give voters a greater say in local tax rates by allowing them to collect signatures to limit the growth in the local school and municipal tax rates. If a sufficient number of signatures are collected, a proposition would be placed on the ballot at the next school budget vote. The petition would set the type of limits on the tax rate. If approved, the limits on increasing the tax rate would be in effect for three years.
Blue Ribbon Commission on Property Tax Reform
The Senate’s property tax relief plan would establish a Blue Ribbon Commission to examine and make recommendations on specific areas of reforms for local governments and school systems with the goal of reducing the property tax burden in New York State.
The Commission will report at the end of calendar year 2007 on a reform plan for schools and local governments to lower local tax burdens with a focus on enhanced accountability, alternative financing methods, governance options, property assessment plans, and tax containment policies. The Commission would also be charged with examining possible alternatives to the real property tax for funding schools and changes to the property assessment system.