Spitzer details plans to cut property taxes

SARATOGA SPRINGS, N.Y. — Under pressure from his opponents, Democratic candidate for governor Eliot Spitzer on Monday proposed a $6 billion tax cut over three years while saving $11 billion in the state budget. Spitzer would provide $1.5 billion in property tax relief next year, $2 billion in 2008 and $2.5 billion in 2009. The tax cuts would be targeted to middle class families, where taxes are rising faster than incomes. The tax cuts would come through an 80 percent increase in the state’s STAR school tax relief program. “Our high property tax burden falls most heavily on middle class New Yorkers whose property taxes are rising too fast for their incomes to keep up,” Spitzer said. “This plan not only provides meaningful and immediate tax relief, it also outlines a detailed plan to fully fund this tax cut without putting the state’s fiscal position at risk and without simply substituting one tax for another.” Spitzer said he would cut more than $11 billion from the state budget over the next three years. Republican-Conservative candidate John Faso and Democratic candidate Tom Suozzi have made cutting property taxes cornerstones of their campaigns. They have both criticized Spitzer for not detailing his proposal and questioned his resolve to cut taxes over any objections of his ally, Assembly Speaker Sheldon Silver. Faso presented his tax cut plan in April. He proposed $6.8 billion in school property tax cuts over four years that would double the STAR tax relief exemption, cap school taxes and provide mandate relief to schools to save money. “I will not only cut taxes, I will provide local governments with the ability to cut taxes too,” Faso said Monday.