Property Tax Cap Important First Step

May 10, 2011
Assemblyman Michael Fitzpatrick (R,C,I-Smithtown) is standing with the Assembly Minority Conference in calling on Speaker Silver and Governor Cuomo to quickly enact a property tax cap. The Assemblyman noted the domino effect that such a tax cap would have on the economic viability of the state of New York.

“It is time for the Legislature to take action and enact a true property tax cap,” said Assemblyman Fitzpatrick. “This tax cap will help with the rising costs of living that already are tightening budgets for families and businesses across the state. Residents of New York are being taxed at an unsustainable rate and a tax cap is the necessary first step to drive the necessary change across New York State. Such a cap will have a profound domino effect on the financial solvency of the state by forcing action on the underlying issue of unfunded mandate relief.”

“A property tax cap cannot be successful without the secondary unfunded mandate relief, and I am optimistic that this tax cap will be the catalyst for that outcome,” said Assemblyman Fitzpatrick. “It is time for Speaker Silver and Governor Cuomo to stand with the Assembly Minority and pass the property tax cap.”

While unfunded mandates drive up the costs and, therefore, property taxes, the assemblyman pointed out the issue of the rapidly increasing cost of the state pension system and its correlation to rising property taxes. “The increasing cost of public pension obligations is not only threatening the solvency of counties, towns, and school districts in New York, but the state itself,” said Fitzpatrick. “Albany’s ‘pension sweeteners’ and other special-interest giveaways drive up costs ultimately borne by families and small businesses in our region.”

“That’s why I have re-introduced Assembly Bill 5141, which would remove the political class, elected officials and political appointees whose retirements are subsidized at taxpayer expense from the current pension system and transition them into a 401(k)-type plan,” said the assemblyman. “A true property tax cap will be the catalyst for strong economic reform and is a necessary first step toward repairing the fiscal integrity of New York State.”