For Release — July 14, 2008
Business Council says property tax cap must be first step in tax reform
ALBANY— “Today's Siena Research Institute poll shows that New Yorkers overwhelmingly want property tax relief. To really achieve that relief the state must start with a property tax cap,” said Kenneth Adams, president & CEO of The Business Council of New York State.
“A circuit breaker, without a tax cap to stop the unsustainable growth in property taxes, will simply mean a tax shift among taxpayers,” added Adams. “Like the current STAR program, a circuit breaker without a tax cap, will make the situation worse as property taxes continue to skyrocket and the majority of taxpayers pay the full bill."
“A circuit breaker alone will also do further damage to the state's economy as businesses and most homeowners are forced to pay higher property taxes to subsidize other taxpayers. The property tax is already the largest tax bill for many businesses and the crushing burden is killing jobs in this state,” said Adams.
The property tax cap is the essential first step to bring long-term relief to New York's taxpayers,” Adams concluded.