June 3, 2008
The Business Council of New York State supports Gov. Paterson's call for a property tax cap
ALBANY— “Gov. David Paterson's introduction of a program bill to enact the property tax cap recommended by the Commission on Property Tax Relief is a bold step toward a new fiscal discipline in New York,” said Kenneth Adams, president and CEO of The Business Council of New York State.
“New York's highest in the nation property taxes are a crushing burden on our economy. Property taxes are the largest tax bill for many businesses in this state,” added Adams.
Outside of New York City businesses pay $9 billion in property taxes, nearly 40 percent of the total tax levy. In recent years property tax increases have been more than twice the rate of inflation.
“New York's property tax rates are simply unsustainable. The commission has made sensible recommendations for reform and we are pleased to see the Governor give his support to those recommendations,” said Adams.
“Getting the growth of property taxes under control is vital to growing jobs and the economy of this state,” concluded Adams.