Notwithstanding the headlines generated by Gov. Eliot Spitzer's State of the State address, it takes some creative arithmetic to call the new governor's property tax initiative a "$6 billion tax cut." In fact, strictly speaking, Spitzer isn't proposing a tax cut so much as a tax shift.
When it comes to reducing property taxes, New York's two leading gubernatorial candidates are hitching their wagons to George Pataki's STAR.
New York state's 2006-07 budget features a record $1.3 billion increase in support for K-12 public education. State school aid is up 8 percent from the previous year, boosting the total to an all-time high of $17.6 billion.
With school property taxes continuing to rise across New York State, Albany's leading Republicans are pushing for a major expansion of the STAR (School Tax Relief) program in the next state budget. But more STAR spending will do nothing to reduce New York's oppressive state and local tax burden. Instead, it will promote faster growth in school spending and property tax levies unless it is tied to a firm cap on school district budgets or taxes.
Property taxes are unpopular with homeowners from coast to coast - and nowhere more so than in NewYork state, which is home to some of the highest property taxes in the nation.
Relative to property values and incomes, the property tax burden might be heaviest of all in Central New York and other Upstate regions.
Thanks to state budget gridlock in Albany, New York City homeowners will have to wait at least a little longer for Mayor Bloomberg's $400 property tax rebate.
New York City’s impending property tax hike will lead to the loss of another 62,000 private sector jobs, re-accelerating a downward economic spiral that dates back to the end of 2000, according to a forecast by the Manhattan Institute's econometric model.