ALBANY – The state senate has approved major property tax relief legislation (S.8522) that would result in the complete elimination of school property taxes in school districts like Norwich that vote to phase them out over five years, with revenue replaced by additional state funding, Senator James L. Seward said today.
The plan, known as New York Stop Taxing Our Property (NY-STOP), would reduce school property taxes by 20 percent a year until they are eliminated after five years, rather than simply capping property tax increases.
“I’ve fought for higher direct-to-the-taxpayer rebates and increases in school aid, yet property taxes keep rising,” Seward said. “New York ‘Stop Taxing Our Property’ is a real plan that actually reduces property taxes by 20 percent per year, not just caps property taxes, while ensuring that students still have the resources they need to succeed.
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