Real Tax Solutions

Real property tax relief means actually cutting property taxes for working families in a way that’s fair for everyone. Using a “circuit breaker,” we can deliver targeted tax cuts to middle class families who need it most.

And we can pay for it the right way: with a modest, partial repeal of income tax cuts for the wealthy. Doing so lets New York cap property taxes for the middle class and seniors without threatening critical public investments.

How does a “circuit breaker” work?

A “circuit breaker” would cap property taxes above a certain percentage of a household’s income. In the example shown below, taxes owed over the cap would be rebated by the state and 43% of New Yorkers would see immediate help bringing their taxes down to manageable levels.

How would a “circuit breaker” be paid for?

The only responsible way to provide working families with property tax relief and balance the budget without devastating crucial public services is to repeal a fraction of the income tax giveaways the wealthiest 1% New Yorkers have enjoyed over the last 15 years.

Undoing Personal Income Tax cuts on the New Yorkers who can most afford it would raise billions of revenue for the state and make the state’s overall tax system fairer.

Combined with a circuit breaker, repealing tax giveaways would also shift the burden of funding public investments back to the state level, and limit Albany’s ability to irresponsibly shift costs to local communities. Lack of state aid to communities is one of the biggest causes of high local property taxes - local taxes in New York State now pay for a higher share of public goods than in any other state except Texas.

Learn more: Check out the resources on the top right.