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I am all for Andy Cuomo running for New York Governor - hooray. Broadly speaking he has been a steadfast supporter of progressive ideas, he's not my dream candidate but he should be fine I guess. But during his announcement of his intention to run he spoke about the jewel in the crown of his economic plan:
“Cuomo knows that property taxes are going through the roof and that these tax increases are forcing people out of their homes and driving them out of the state,” Newsday quotes the Cuomo source as saying. ” Cuomo ’s property tax cap will be a central part of his economic plan because he knows we cannot get New York’s fiscal house in order without holding the line on the spending and tax hikes that squeeze New York families and stifle economic growth.”
this is ridiculous...lets talk a bit about this on the other side
This proposal shows no understanding of the property tax at all.
This sort of capping is what has sent California into an economic tailspin. Economic rent flow that is not taxed is simply capitalized in the market price of the site...aka the rich get richer. The everyday Joe and Jane New Yorker whose property taxes are going up is doing so because the wealthiest landowners have such low carrying costs. So, capping the land component of the property tax -- which is really what appreciates, simply gives land owners a gift! Capping simply is a gift to the wealthy land owners and speculators. The best solution is a tax on land values alone, slowly phased in while down taxing taxes on buildings/structures with a deferral of taxes (with interest) for those who are hard pressed until they cash out.
Originally posted to stillman on Mon May 24, 2010 at 10:37 AM PDT.