New Yorkers Want Cap on Property Taxes

Some New York voters want to cap the income tax at 4 percent of property value, while others want to base it on income. These methods would ease the stress felt by homeonwers who may already find it difficult to make their payments.

Based on information gathered from a July 2008 pole of New York voters a majority of residents would prefer to have some sort of cap on property taxes. While some are in favor of a blanket 4% cap on property taxes others prefer that the cap be based on income. The income based cap, known as a circuit breaker would determine home owners property taxes based on their monthly income.

Opponents of the income based cap site unfairness as their main bone of contention. With an income based property tax there would be no cap making those who make the most pay out the most in property taxes. Still an overwhelming 75% of those surveyed say this would be their choice.

The pole conducted by Siena Research Institute which surveyed 626 New York voters has come under scrutiny by several local groups including The Business Council of New York State Inc who question the validity of the results. In their opinion a blanket cap on property taxes would be best because it would not cause any additional stress to homeowners already struggling to meet their monthly financial commitments. With more and more New York home owners fighting tooth and nail to keep up with their mortgages many can't afford an increase in their property taxes.

If they had to choose between either paying a higher rate based on their income or a flat rate most would choose the income. With that being said though, few relish the fast that income tax rates would have to be raised to offset the costs