Jun 4, 2008 7:54 pm US/Eastern
Gov. Paterson Proposes School Property Tax Cap
Calls On Legislature To Set 4 Percent Cap On Tax Increase
NEW YORK (CBS) ―
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As high taxes continue to drive businesses and young people away from New York, Governor Paterson is taking his tax relief plan on the road. The governor's new bill to place a cap on school property taxes was welcomed by some financially strapped families.
AP
As high taxes continue to drive businesses and young people away from New York, Governor Paterson is taking his tax relief plan on the road.
The governor's new bill to place a cap on school property taxes was welcomed by some financially strapped families.
Lena and Keith Ritchie of Bethpage, are so overwhelmed by soaring school and property taxes, they're seriously considering moving with their 3 kids out of state.
"We love the schools, love the area, but then at the end of the month when we have to pay the bills, it's frustrating," said Lena Ritchie.
"Ten percent of my salary goes to paying taxes...ten percent! You got to be a magician," said Keith Ritchie.
A magician to balance expenses! School property taxes have increased 50 percent in New York State since 2001, twice the pace of inflation and wages.
Patrick and Michele Martin moved to Williston Park from Queens 4 years ago when property taxes were up to $8,000. The Martins and Ritchies are among those eager for a solution, and on Wednesday, they heard one from Governor Paterson. The governor is calling on the state legislature to quickly set a four percent cap on yearly school property tax increases.
"Our college graduates are moving to other places, our businesses are moving with them to create jobs in other states. Somebody has got to stop this," said Paterson.
But school boards, teachers and labor unions are blasting the 4 percent cap as a worrisome gimmick that could cause massive layoffs.
Still, others argue a 4 percent cap is too much.
"If somebody wants to criticize it now, fine, just give us another solution," said Nassau County Executive Thomas Suozzi.
With the governor endorsing the plan, Albany could approve the 4 percent tax cap by the end of June.
New York State's local taxes are the highest in America, at 79 percent above the national average.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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