Seward supports tax cap plan
ALBANY – The state senate has approved major property tax relief legislation (S.8522) that would result in the complete elimination of school property taxes in school districts like Norwich that vote to phase them out over five years, with revenue replaced by additional state funding, Senator James L. Seward said today.
The plan, known as New York Stop Taxing Our Property (NY-STOP), would reduce school property taxes by 20 percent a year until they are eliminated after five years, rather than simply capping property tax increases.
“I’ve fought for higher direct-to-the-taxpayer rebates and increases in school aid, yet property taxes keep rising,” Seward said. “New York ‘Stop Taxing Our Property’ is a real plan that actually reduces property taxes by 20 percent per year, not just caps property taxes, while ensuring that students still have the resources they need to succeed.
“My plan puts more money back into the pockets of hardworking homeowners and helps thousands of seniors remain in their homes,” Seward added. “Why stop at a cap on property taxes when we can actually eliminate them?”
The NY-STOP plan would: give school district voters the authority to eliminate residential property taxes over five years, with revenue replaced by additional state funding; and allow localities the option to put a local tax cap in place. Most importantly, NY-STOP would reduce taxes 20 percent a year rather than let school districts raise property taxes 4 percent per year under the cap proposal.
Meanwhile, as part of NY-STOP, local school taxpayers could also enact a local property tax cap if district residents voted to do so through a petition and voting process.
The plan would be paid for through existing revenue in the state budget, just as the state satisfied the Campaign for Fiscal Equity (CFE) lawsuit and provided additional funding for New York and other high-needs school districts throughout the state.
“I am committed to providing property tax relief to homeowners who are challenged by high property taxes, high gas prices, and the high costs of basic grocery staples like bread, milk and eggs,” Seward said.
The plan, known as New York Stop Taxing Our Property (NY-STOP), would reduce school property taxes by 20 percent a year until they are eliminated after five years, rather than simply capping property tax increases.
“I’ve fought for higher direct-to-the-taxpayer rebates and increases in school aid, yet property taxes keep rising,” Seward said. “New York ‘Stop Taxing Our Property’ is a real plan that actually reduces property taxes by 20 percent per year, not just caps property taxes, while ensuring that students still have the resources they need to succeed.
“My plan puts more money back into the pockets of hardworking homeowners and helps thousands of seniors remain in their homes,” Seward added. “Why stop at a cap on property taxes when we can actually eliminate them?”
The NY-STOP plan would: give school district voters the authority to eliminate residential property taxes over five years, with revenue replaced by additional state funding; and allow localities the option to put a local tax cap in place. Most importantly, NY-STOP would reduce taxes 20 percent a year rather than let school districts raise property taxes 4 percent per year under the cap proposal.
Meanwhile, as part of NY-STOP, local school taxpayers could also enact a local property tax cap if district residents voted to do so through a petition and voting process.
The plan would be paid for through existing revenue in the state budget, just as the state satisfied the Campaign for Fiscal Equity (CFE) lawsuit and provided additional funding for New York and other high-needs school districts throughout the state.
“I am committed to providing property tax relief to homeowners who are challenged by high property taxes, high gas prices, and the high costs of basic grocery staples like bread, milk and eggs,” Seward said.
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