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1 Josh Barro, Sound Tax Policy Coming to New York 1 (2008)

handle is hein.taxfoundation/ffbcjxz0001 and id is 1 raw text is: FOUNDATION Sound Tax Policy Coming to New York (?) Fiscal Fact No. 129 by Josh Barro June 6, 2008 New York may be making an unconstitutional grab1 for sales taxes from out-of-state businesses, but it appears that some positive changes to the state's property tax system may be in the offing. In 2007, the Tax Foundation rated New York's business tax climate as the nation's third worst, with the eighth worst property tax system. New Yorkers pay 13.8 percent of personal income in state and local taxes, the third highest figure in the country. A majority of this is local taxes, of which 75 percent consists of property taxes. Property taxes have also been rising much faster than inflation, an average of 7% per year since 2001. In this context, last year Governor Eliot Spitzer established the New York State Commission on Property Tax Relief, a bipartisan panel chaired by Nassau County Executive Thomas Suozzi (D). The panel's mandate was to propose solutions to rein in ballooning property taxes while maintaining the state's commitment to public education, which is the primary use of property tax. On Tuesday, the Commission released a set of recommendations.2 We've only preliminarily reviewed the Commission's report, but on balance it appears to contain a good set of recommendations. The proposals appear to improve an existing property tax rebate program that rewards school districts for raising taxes; provide a meaningful cap on property tax levies; and increase transparency. Additionally, the tax-limiting proposals are joined with cost-control measures, so that property tax savings can actually accrue to New Yorkers instead of being shifted to increases in other taxes. Governor David Paterson announced this week his support for the tax cap component of the proposal, and we hope to see the other components also gain momentum.

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