(8) What's the Solution and What Can I Do?

October 10, 2007 - The www.EyeOnTi.com staff believes that immediate relief for property homeowners is desperately needed - NOW. There are three bills now pending that would offer immediate "circuit-breaker" property taxpayer relief for resident homeowners and thus allow time for the legislature to consider long-term solutions for some of the long-term problems that have driven up property tax costs in recent years. Click here to see a discussion of long-term property tax solutions under (12) Editorials and Analysis.

The three "circuit-breaker" bills now pending would each cap a resident homeowner's property taxes based on household income:

To read Assemblywoman Teresa Sayward's A5380 (was A9458), click here.

To read Senator Betty Little's S1053 (was S5982B), click here.

To read Assemblywoman Sandy Galef's A1575 (was A11551), click here.

Assemblywoman Sayward's bill, A5380, provides the most relief to homeowners. The latter two bills, S1053 and A1575, are essentially identical twin bills, which should aid their chances of passage in the NY Senate and Assembly, respectively. They have provisions that will make them less costly to the state government than the relief provided by the first bill.

Here's a quick summary and comparison of the bills' provisions:

COMPARISON OF A5380 (Assemblywoman Teresa Sayward's bill) with

A1575 / S1053 (Assemblywoman Sandy Galef's and Senator Betty Little's

twin bills)

______________________________________A5380____vs. __ A1575 & S1053

Would it provide immediate property tax

relief for individual homeowners based

on household income? >>>>>>>>>>>>>>>>>> Yes >>>>>>>>>>>> Yes

Would you continue to pay your property

tax bills in full & get reimbursement from

state? >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> Yes >>>>>>>>>>>> Yes

.
Would your income and the

amount of your property tax credit be

known only by the state >>>>>>>>>>>>>>>>> Yes >>>>>>>>>>>>> Yes

Is there a home residency requirement?>>>> Yes-5 years . >>>>> Yes-10 years

If Your Income Is: ...................Then your prop erty tax cap would be:

__________________________A5380_______vs. ______A1575 & S1053

0 - $50,000 ........................... 3% (of income).........6% (of income) plus 30%*

$50,000 - $100,000 ...............5% (of income).........6% (of income) plus 30%*

$100,000 - $150,000............. 6% (of income).........7% (of income) plus 30%*

$150,000 - $200,000............. 7% (of income).........8% (of income) plus 30%*

over $200,000....................... no cap on property tax whatsoever in all bills

* the "plus 30%" means that, under A1575 and S1053, you would pay 30% of any remaining property tax above the cap; under A5380 you would pay none of any remaining property tax above the cap; there are examples of how this works further down the page

EXAMPLES: Please translate that into the actual

property tax caps at these income levels:

INCOME ...............Property tax cap:A5380___vs.____ A1575 & S1053

$10,000......................................... $300 (3%)................... $600 (6%) + 30% *

$20,000......................................... $600 (3%)...................$1200 (6%) + 30% *

$30,000......................................... $900 (3%).................. $1800 (6%) + 30% *

$40,000......................................... $1200 (3%).................$2400 (6%) + 30% *

$50,000 .........................................$1500 (3%).................$3000 (6%) + 30% *

$60,000 .........................................$3000 (5%)................ $3600 (6%) + 30% *

$70,000 .........................................$3500 (5%).................$4200 (6%) + 30% *

$80,000......................................... $4000 (5%).................$4800 (6%) + 30% *

$90,000......................................... $4500 (5%).................$5400 (6%) + 30% *

$100,000....................................... $5000 (5%).................$6000 (6%) + 30% *

$110,000....................................... $6600 (6%)................ $7700 (7%) + 30% *

$120,000....................................... $7200 (6%).................$8400 (7%) + 30% *

$130,000 ...................................... $7800 (6%).................$9100 (7%) + 30% *

$140,000 ..................................... $8400 (6%) .................$9800 (7%) + 30% *

$150,000 ..................................... $9000 (6%)..................$10500 (7%) + 30% *

$160,000 ..................................... $11200 (7%) ...............$12800 (8%) + 30% *

$170,000 ..................................... $11900 (7%) ...............$13600 (8%) + 30% *

$180,000 ..................................... $12600 (7%) ...............$14400 (8%) + 30% *

$190,000 ......................................$13300 (7%) ...............$15200 (8%) + 30% *

$200,000 ......................................$14000 (7%) ...............$16000 (8%) + 30% *

over $200,000 ..............................no cap.......................... no cap

* Examples:

Household A - Current Property tax $2900; income $40,000

Under A5380 - Property tax cap: $1200 (Saves family $1700)

Under A1575 & S1053: Property tax cap $2400 plus 30% of $500 (excess of property tax over cap) = $2400 + $150 = $2550 (Saves family $350)

Household B - Current Property tax $6000; income $70,000

Under A5380 - Property tax cap: $3500 (Saves family $2500)

Under A1575 & S1053: Property tax cap $4200 plus 30% of $1800 (excess of property tax over cap) = $4200 + $540 = $4740 (Saves family $1260)

Household C - Current Property tax $9000; income $110,000

Under A5380 - Property tax cap: $6600 (Saves family $2400)

Under A1575 & S1053: Property tax cap $7700 plus 30% of $1300 (excess of property tax over cap) = $7700 + $390 = $8090 (Saves family $910)

Other points to note:................................... A5380____vs.___ A1575 & S1053

Would it apply to primary residences

only ? ..............................................................Yes ........................Yes

Does it work as a type of insurance to

protect the homeowner in case of lost

income due to retirement, illness, or

unemployment? .............................................Yes......................... Yes

Does it increase anyone else's

property tax?................................................ No ...........................No

Does it apply to both school and town &

county property taxes ? ............................... Yes .......................... Yes

What Can I Do?

First: Contact your state legislators to let them know that you are supporting IMMEDIATE property tax relief as provided by A5380 or A1575 / S1053

Second: Click here to contact us so that we can try to remain in touch and keep you informed

Third: Unless you live in Ticonderoga, (which has already petitioned our legislature), contact members of your town board to tell them about your concern about rising property taxes and the need for property tax relief. Encourage them to pass a resolution similar to the one passed by the Ticonderoga Town Board on October 13, 2005. To read this, click here.

Fourth: Check back at this web site every few months to look for updates. When you check, look especially for the icon, which will be used to highlight new changes on the web site.

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