Taxes

The members of the Property Tax Reform Coalition of New York State did just that.  And they've been heard.  Although their recent campaign heralds an approach that I personally think is a band-aid, it will, when passed, give economic relief to many home owners who may be on the brink of economic disaster, to which our regressive property tax system contributes. The measure is called  a Circuit Breaker and sets limits on the amount of property tax you can be assessed based on a percentage of your income.

The members of NYSPTR mounted an e-mail, fax and telephone campaign that caught the attention of and won the support of Assembly Leader, Sheldon Silver, and Majority Leader, Malcolm Smith.  And they will keep pounding the wires until the legislature takes action and probably passes this legislation.

Readers may go to the site of this coalition to learn more about the Circuit Breaker.  As many probably know, the largest portion of our property tax goes to support the school district in which we live.  It is my opinion, and many share it, that we must find a way to support the cost of public education by NYState Income Tax.  There  is a bill hung up in committtee...the Cahill Bill...that, if passed, would accomplish just that and it is projected that only the highest earning 8% of all New Yorkers would pay a higher amount of tax.  Can you imagine that your property tax could be reduced by as much as 70%?  And your income tax would not go up?  To find out more go to this website: 

http://www.nyspropertytaxreform.org/