•         Assembly Republicans are committed to capping property taxes. 

•   According to Comptroller DiNapoli, local property tax levies have grown by 60% from 1995 to 2005 – more than twice the rate of inflation. 

•   The Tax Foundation reports that 9 out of the top 10 counties with the highest tax rates in the nation, when property taxes were measured as a percentage of home value, are located in Upstate New York.  They are as follows:
–        Wayne County  (#1)                 - Onondaga County (#7)    
–        Niagara County (#2)                 - Cayuga County (#8)
–        Monroe County (#3)                - Chemung County (#9)
–        Erie County (#4)                     - Schenectady County (#10)
–        Chautauqua County (#6) 

•   In essence, Upstate New Yorkers have higher tax rate burdens, as a percentage of home value, than residents in counties that include the Upper East Side, Beverly Hills, Palm Beach and the Hamptons. 

•   According to the Empire Center, over “1.2 million New York residents have moved to other states since 2000 - the biggest such loss experienced by any state.” 

•   This statistic is further backed by a Mayflower Transit report in 2007 that said that nearly 61% of the moves they handled in New York were for people leaving the state - the 5th highest in Mayflower’s national market. United Van Lines reported similar rates of outbound moves from New York as well.

•   High taxes are killing jobs and forcing people and businesses to leave the state.

•   Out of control spending, coupled with skyrocketing property taxes, have created a caustic financial environment.

•    Young people are finding it difficult to purchase homes, seniors are struggling to maintain their homes and businesses are facing immense challenges to create and retain jobs. 

•   New York has a spending problem.  In 2008, we are facing a $4.4 billion deficit.

•   Comptroller DiNapoli predicts that spending will increase by 31% over the next four years despite the fact that estimated revenues will only increase by 21%, resulting in a $9 billion budget gap by 2011. 

•   Assembly Republicans believe that reducing the property tax burden placed on homeowners and businesses is essential to the growth and success of New York’s economy.

•   In 2007, after studying the Massachusetts cap model, our Conference introduced the “New York State Property Taxpayer Protection Act” (A.8775-A) to stop the exodus of people and jobs by reducing the property tax burden through genuine reform.

•    Our plan caps school district tax levies from increasing by more than 4% annually or the rate of inflation, whichever is less.

•    Voters have the ability to override this limitation by a 2/3 majority vote.

•   If a school district is experiencing an enrollment growth, the tax limit may be increased in proportion to the increased enrollment.

Our proposal will provide annual state school aid increases within the Foundation Aid category at a rate not less than the rate of inflation.