Assemblyman Karl Brabenec (R,C,I-Deerpark) today laid out his vision for a more affordable New York through the School Property Tax Reduction Act which has the potential to save the average homeowner up to 70 percent on their school and property taxes (A.4397).

“The most regrettable thing I hear from residents is that they can’t afford their property taxes and are leaving the state for a more affordable situation – it breaks my heart,” Brabenec said. “State leaders wonder why one million New Yorkers have fled in the last 10 years and the answer is obvious – our state punishes success, penalizes homeownership and coddles those who break the law.”

Components of the School Property Tax Reduction Act:

• Prohibits any unfunded state mandate that increases costs for school districts over $10,000
• Provide an opt-in for school districts whereby the state would assume one hundred percent of the residential real property tax levy, to be phased in over a period of five years
• Freeze school tax rates on residential real property owned and occupied by individuals sixty-five years and older
• Freeze the assessment on residential real property owned and occupied by individuals sixty-five years of age and older
• Requires the state to reimburse school districts for any lost property tax revenue resulting from freezing the property tax levy or assessment for senior citizens
• Provides state aid to municipalities when they bring their assessments to full fair market percent value and requires the state to fund all mandates on all municipalities
• Mandate that all state revenue made from the New York State Lottery program or any other gambling entity will be directly placed into the Education Fund for the sole use of funding education in New York State
• Mandate the state to perform an extensive independent audit of all departments and agencies within the state of New York to identify and cost savings or wasteful spending.  Any funding located will be diverted to the new Education Fund.

“Many young people dream of owning their own home and raising a family in the same community where they grew up, but those dreams quickly turn to nightmares when they realize their tax bill will be as much as their mortgage payment,” Brabenec continued.

“We want people to purchase homes, to settle down, stay in our state and become part of their community for life, and we have the power to turn around New York’s ‘grow up and move’ reputation. This is the strongest property and school tax reduction plan out there, and I will be asking my colleagues from both parties to join me in this effort,” Brabenec concluded.

To show your support for Assemblyman Brabenec’s School Property Tax Reduction Act, email him at brabeneck@nyassembly.gov.