1% Property Tax Cap!
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I am a Real Estate professional licensed in New York & CT and live in New York. Most of my expertise lies in selling clients' homes in NY and moving them to CT or down south - all to escape the high property taxes in NY. It is the NUMBER ONE reason why people are moving out. Our property taxes are out of control, especially the school taxes. The high taxes are forcing home sellers to lower the price on their houses to compensate buyers unable to afford the home when property taxes are factored into the mortgage payment. Many homeowners are paying 3 - 4x what their property taxes were just 20 years ago. Just since the crash in 2008 many taxes have doubled. THIS IS UNSUSTAINABLE! I have had clients literally cry in front of me when I tell them the price they need to sell their largest personal investment for, due to the ridiculous property taxes. The high taxes are driving down the value of their homes. To make matters worse the state infrastructure is horrific and they cannot even pave a road any more - despite the highest taxes in the country! What do we get for our money as homeowners? Other states educate their kids for 1/4 the cost and have nice roads and bridges!
I propose a New State Law or constitutional amendment to Limit the cumulative sum of ALL PROPERTY TAXES levied on any parcel of Real Property to not exceed 1% of the full market value of that property, residential or commercial. Therefore a $200,000 home would be $2000 per year, a $500,000 home would be $5000 per year, and a million dollar home would be $10,000 per year. If a Home Depot Shopping Center was worth $10,000,000 they would pay $100,000/year. So on and so forth.
Its time to cut off the gravy train to politicians and let THEM fix the messes they have created - with WHAT THEY HAVE! Just like we have to do in our families. I LOVE NEW YORK, I raise my kids here, it is steeped with natural beauty, historical roots that go back to the very founding of our country, and economic potential rivaled by few other places in the world. It's time to renew that, end the silly tax rebate games and institute some REAL change. ITS OUR STATE, LET'S TAKE IT BACK!!!
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