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PROPERTY TAX New York State's property tax is large and growing fast. When the economy is bad and growth from other revenue sources slows and costs increase for local governments, property taxes go up. 79% of all local taxes outside of New York City come from property tax - the largest tax imposed by local governments in New York State. From 1995 to 2005, local property tax levies grew by 60% – more than twice the rate of inflation during that time. Economic expansion during the late 1990s allowed local governments to keep property tax increases below inflation. As the economy has deteriorated, property taxes have become the fastest growing local revenue source in New York State. New York taxpayers have the highest local property tax burden in the nation, 60% higher than the national average. Property taxes add to the overall high cost of living on Long Island - $65 per $1000 of personal income, compared to $53 statewide. Property tax is used in all 50 states to support local governments because: It is a reliable and effective way to raise revenue imposed on a known and stable tax base. It is relatively easy to administer. It is better protected from periodic economic downturns than sales tax, the most common alternative. It taxes resources missed by other taxes, such as that of non-resident second home owners. |
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© 2012 Tax Reduction Services Incorporated. |