Assemblyman Gary Finch (R,C-Springport) today unveiled a plan to reduce New York's high property tax burden. The proposal includes enhancements to the STAR Program, new reforms to protect taxpayers from Medicaid waste and fraud, restoration of State Aid to schools, and other measures to reduce costs. It would result in savings of $715 for homeowners and $1,256 for senior citizens annually.

"One of my top legislative priorities is to provide homeowners with real relief from runaway property taxes," said Assemblyman Finch. "People in my district and all over New York are reeling from these staggering costs. My plan will deliver that relief to residents who are demanding that the state do something to ease the crushing burden of property taxes. If enacted, it would save property taxpayers millions of dollars."

The STAR Program has proven successful in providing school tax relief, but it has not kept pace with the current costs of property taxes and home values. The newly-proposed STAR Excelsior program would provide $1.75 billion in additional tax relief by immediately indexing the Basic and Enhanced STAR exemptions to the current median housing value. As a result, homeowners would see their current STAR exemptions rise by 70 percent. The new Co-STAR program would provide an additional $287 million in property tax rebates for seniors and farmers.

Fraud, waste, and abuse within the Medicaid system also put a tremendous burden on New York taxpayers - to the tune of nearly $4.5 billion annually. Finch’s plan calls for Medicaid fraud recovery and reporting legislation, strengthening the Office of Medicaid Inspector General, and allowing counties to return savings they achieve by eliminating waste and fraud to property taxpayers.

All of New York’s school districts were forced to endure cuts in Operating Aid in the 2003-04 state budget. Although State Aid has increased since then, 477 districts are still trying to get by on less Operating Aid than they received four years ago. Assemblyman Finch’s plan would provide $72.86 million in Restoration Aid to taxpayers.

"The American dream is to own your own home," said Assemblyman Finch. "When the property tax bill begins to exceed your mortgage payment -- you know that something needs to be done."

A breakdown by County of how much residents in Finch’s Assembly district will save under this plan can be found on the next page.