After identifying New York’s escalating property taxes as a top priority for their campaigns, two candidates for governor have detailed individual plans which they say will alleviate taxpayers’ burden and curb tax growth.
Democratic candidate Eliot Spitzer’s plan would increase STAR exemptions for homeowners under a certain income level.
The plan, which he presented to the New York Conference of Mayors' annual meeting June 12 in Saratoga Springs, would give homeowners with "middle-class" incomes between $60,000 and $90,000 up to an 80 percent increase in their STAR savings. Exact savings would depend on region. Homeowners with higher incomes would receive smaller savings. Those households earning more than $235,000 would not receive any additional savings under Spitzer’s plan.
"Homeowners eligible for the full benefit under this new 'Middle Class' STAR category will receive an increase of $565 on average statewide," a release from Spitzer's campaign said. "This amount will be generally be higher in areas with higher home values or taxes, in accordance with the mechanics of the existing STAR program."
The campaign's release said the plan would also address "the root causes of high property taxes," but did not give specific details.
Republican candidate and former Assembly minority leader John Faso had previously released his "three-point" property-tax relief plan in April. The plan would "double STAR exemptions, cap school property taxes and provide school districts mandate relief," a release from Faso's campaign said.
Faso's plan would increase the basic STAR exemption from the first $30,000 of property value to the first $60,000. Those increases would be phased in by 25 percent increments each year and after four years exemptions would be tied to the rate of inflation.
Property tax increases would be capped at 4 percent or the rate of inflation, whichever is lower, with some exceptions, Faso's campaign said.
Faso’s plan would amend the Triborough Amendment to the state’s Taylor Law. The Triborough. The Triborough Amendment mandates that provisions of expired union contracts are binding until a new contract is ratified. Faso said he would also reform the state’s Wick’s law, which drives up public construction costs by hundreds of millions of dollars per year.
The Republican’s plan would also:
- Give municipalities under the jurisdiction of a state control board the option of revising contracts and benefits.
- Exempt projects under $1 million from prevailing wage requirements.
- Allow municipalities to establish 401(d) defined-contribution plan for new employees.
- Allow municipal and private employers to offer Health Savings Accounts.