Governor Andrew Cuomo's combined State of the State and budget message today included a promise to make permanent the historic property tax cap enacted at his initiative in 2011. Read More
Tag: Property Tax
E.J. McMahon, president of the Empire Center, weighs in on the Governor’s tax proposal and other possible budget issues. Read More
Seniors and singles would be big winners under Gov. Andrew Cuomo's latest plan to help New Yorkers facing some of the nation's largest property tax bills. Read More
If anyone still thinks Gov. Cuomo is serious about addressing New York’s economic woes, two ideas he rolled out this week should put a quick end to that fantasy. Read More
While Cuomo called his plan a tax cut, critics said the credit would merely shift state income taxes to help defray local property taxes. "He's shifting more of the burden to the income tax rather than changing policies" that drive up spending, said E.J. McMahon, president of the Empire Center for Public Policy, a nonprofit think tank that promotes free-market policies. "You're also encouraging more localities and school districts to increase taxes to the tax-cap limit and they can say to residents: 'Don't worry, you'll get it back.' " Read More
He didn't use the phrase himself, but the property tax credit unveiled yesterday by Governor Andrew Cuomo is of the type commonly known as a "circuit breaker." Like an electrical switch designed to automatically prevent a power overload, a circuit breaker tax credit is supposed to kick in when homeowners' property tax burdens overload their ability to pay. Cuomo's proposal would not represent a property tax cut but a means-tested state personal income break -- available only to some homeowners, and not available to owners of commercial, industrial or multi-family properties, which pay a hefty share of local taxes. Read More
New York continued to impose one of nation's highest state and local tax burdens relative to income during fiscal 2012, according to data released today by the US Census Bureau. Read More
Long Island’s towns and cities paid their workforce less in 2013 than in 2012, with payrolls totaling $692 million — a 4.7 percent decline from $726.5 million the previous year, a Newsday database shows. Read More