Governor Andrew Cuomo’s Proposal to Reduce NY Property Taxes
NY Governor Andrew Cuomo has proposed a new plan to lower commercial and residential property taxes. His proposal involves giving county executive authority to meet with municipal leaders to discuss finding ways to share expenses and lower both costs and NY property taxes. Cuomo says that property taxes will only come down when local governments are forced to work together to save money and find efficiencies.
The cost-sharing measures would then be put to the voters in November to decide. Governor Cuomo said “You are chasing people from Long Island, young families cannot afford it.” Long Island, NY has some of the highest property taxes in the U.S. and New York consistently ranks among States with the highest property taxes, including commercial property taxes. The plan requires county executives and county administrators to develop proposals for cost-cutting, which could include sharing or consolidating services and functions across local governments.
County executives would need to meet with town and village representatives to discuss ways to cut costs. Some examples would be to share equipment, make purchases together, combine storage facilities. County executives would need to present their plans to county legislatures by August 1. These cuts would potentially reduce NY county, town and village property taxes, but they wouldn’t affect school districts. School district expenses usually make up the majority of local property tax bills. Critics have said that any such effort to reduce property tax costs needs to include school districts. Critics also raised the issue of unfunded mandates from the state, which also increases the burden on local governments.
Here at Realty Tax Challenge, we are experts in commercial property tax reduction in NY. For over 22 years, we have helped NY State commercial property owners reduce their real estate taxes. We have achieved over $50 million in real estate reductions. Learn About Us.