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September 28, 2010

Filed under: Updates — gioia @ 7:30 pm

Linking tax liability to income

Reasons to support circuit breaker legislation that would link property owners’ tax liability to their income — Senate bill 4239A and Assembly Bill 8702:
• Property tax relief is targeted to truly overburdened taxpayers if they have lived in their homes for at least five years.
• Relief is based on a percentage of the homeowner’s income.
• Relief is increased over a four-year phase-in period.
• All local property taxes — the full burden of school and municipal — are covered under the circuit breaker, not just school taxes.
• Homeowners with the same income and the same property tax bill get the same relief downstate and upstate.
• The circuit breaker does not affect school or municipal funding. The full property tax is paid when due and taxpayers get an individual credit or rebate on their state income tax.
Capping annual property tax hikes
Reasons to oppose legislation capping annual property tax increases at 4 percent:
• The tax cap provides no relief to the individual taxpayer.
• The proposed tax cap is not a cap on individual property taxes, but a cap on how much a school district, for example, can raise the school tax levy district-wide.
• If the tax levy cap is passed, tax levies will tend to increase yearly to the maximum allowed by law.
• Wealthy school districts will tend to override the cap, further increasing the burden on many individual taxpayers and increasing the funding gap between “wealthy” and “poor” districts.
• Individual tax bills could increase far beyond the tax levy.
Source: Elyse Knight of the New York State Property Tax Reform Coalition

Calculate savings

Learn more about the circuit breaker and the impact of such a provision on your own tax bill; go to http://www.omnibustaxsolution.org/

 

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