NY Governor Andrew Cuomo
ALBANY – Governor Andrew Cuomo Tuesday announced an initiative that he says will reduce property taxes by empowering voters to approve locally-designed plans that eliminate duplicative services to lower the cost of local government.
The proposal requires county officials to develop localized plans that find real, recurring property tax savings by coordinating and eliminating duplicative services and proposing coordinated services to enhance purchasing power, such as jointly purchasing and coordinating use of expensive transportation or emergency equipment. Taxpayers will then vote on these cost-saving plans in a referendum in the November 2017 general election.
“The property tax is the most burdensome tax to homeowners and business owners in every part of the state, inhibiting their ability to grow and contribute to our economy. By challenging local governments to create a plan to streamline government bureaucracy for voter approval, this innovative and powerful initiative will empower communities and lead to real, recurring property tax savings,” Governor Cuomo said. “While we have significantly reduced the growth of property taxes over the past six years, this tax is still a significant expense for property owners, and this proposal will reduce the burden of the tax and establish New York as a national model for government efficiency.”
The Property Tax Burden in New York
According to the governor’s office, the property tax is the largest tax burden to the New York taxpayer, with the typical taxpayer paying 2.5 times more in property taxes than in income taxes. In terms of property taxes paid as a share of home value, 13 of the 15 highest-taxed counties are in New York, primarily upstate, with Wayne, Monroe and Cattaraugus among the highest in the country.
Though property taxes are controlled by local governments, Governor Cuomo says he’s made it a priority of his administration to help reduce the burden. The Property Tax Cap has been the central pillar of these efforts, and aided by more than $100 million in State efficiency programs, it has driven local governments to control costs and saved the typical homeowner $2,100 through 2016. According to Cuomo’s office, when combined with the Property Tax Freeze, the Property Tax Cap has saved taxpayers more than $17 billion through 2016.
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