Currently there are 3 NYS Property Tax Relief Plans proposed by LI politicans

The Fitzpatrick Plan  
 

   a)…Limits property taxes on homeowners and businesses to the lower of inflation or 4%.
   b)… Requires the state to foot the bill for state mandates costing more than $10,000/year for a school district or $1M 
           in aggregate, eliminating   the long   touted excuse for  high education costs.
   c)… Requires school district officials and employees to report fraud, criminal activity and conflict of interest. Provides
           legal protection to those disclosing such actions, while imposing civil and criminal penalties for those required to
           disclose such behavior but fail to do so.
   d)… Requires the superintendent and treasurer to certify that financial statements  fairly represent the financial
           condition of the school district. Establishes a compensation committee to review and report on proposed labor
          contracts. Only one of three committee persons may be a school board member, and no district employees may
          serve on the committee. Requires all labor contracts be posted at the  library at least five weeks before voted on.
   e)…Prevents pension system fraud, and also enforces restriction on retired personnel receiving both public pension
          and public pay in excess amount permitted by current law.Provides state funding to counties to purchase data
         mining software that exposes Medicaid fraud.

 Conclusion: This is a comprehensive plan that gets to the core of the property tax  problem.  School tax is about
  two thirds of our tax  bill.  Fitzpatrick offers the only plan that positively limits school taxes.  It addresses the primary
  reason/excuse for high education costs- state mandates, by requiring the state to pick up the cost of new mandates.
  This is the bill that makes administrators criminally an personally liable for fraudulent financial information similar to
  what Sarbaynes-Oxley has done in public corporation with much success.  It makes the compensation of school
  district employees more transparent with public disclosure prior to contracts and by placing non-employees on a
  committee responsible for compensation. It address pension fraud within the system and also  seeks to address
  Medicaid fraud. Medicaid is on of the largest property tax cost components after school tax.

 The Theile Plan 

   a)…Claims to cap all property tax at  5% of “household Gross income” up to $200,000.  Higher income households
           will not enjoy property tax cap.
   b)…Includes income of all household members in this scheme- working students, adult kids living home,elderly
           parents and other relatives living at home, etc.  For the first time you will  be taxed on others’ incomes.
    c)…Punishes extended families and those working additional jobs to pay property taxes. Benefits those with
           off-the-books income who will afford pricey home on unreported income.
    d)…Theile’s “household gross income” also taxes items not normally subject to income tax…all pensions, IRA
            distributions, social security payments, municipal bond interest- including NY issue; disability, workmen’s comp               and auto no-fault payments.
     e)…Seniors may defer up to $2,500 of property tax each year, financed at up to 7% interest.  A lien will be placed
            on the home. After many years of deferring property taxes, the county, town and school district could become
            one of the heirs to the family home. Late payments by the estate are penalized with a 25% per year penalty.
      f)…Reassessments would be ever three years instead of annually.
     g)…Reassessments would be limited to the lesser of inflation or 5%.
     h)…Tax limits can be imposed on towns, villages, counties and school districts, but the process will be nearly
             impossible for the taxpayer to pull off.  A petition needs to be signed by 25% of residents who voted in the prior             election just  to get on the ballot. It then must pass by majority.
      i) An income tax filing will need to be done reflecting household income and claiming any cap credit.

   Conclusion: Theile’s plan offers only an elusion of limiting tax on school districts and other local tax levying
   jurisdications. The arduous process for citizens to initiate a  cap on spending virtually insures no cap will materialize. 
  This plan intertwines a progressive  income  tax feature that includes incomes of others in your household and
   includes items that are not normally taxes by NYS income tax. It requires an additional annual tax filing.  Those with
   off-the-books income  will benefit the most by underpaying property tax. Those with large or extended families will be
   taxed more. Those working additional job to pay their property taxes will be taxes more. And don’t forget the reach
   into the family estate too by permitting seniors to lien part of their annual taxes with interest against the equity in their
   home. This plan is an abomination.

 

The Trunzo Plan 

   a)…Proposes to eliminate school property taxes in five years.  But Trunzo fails to say where the billions of dollars will           come from  to replace school property taxes.
   b)…Offers an  immediate freeze on property taxes for seniors but they are getting rid of the property tax anyway? 
   c) …Create a commission to help lower costs. 

 Conclusion:  This bill offers the right phrases for political kudos, but provides absolutely no  specifics. It completely
  bypasses the known  overriding cause of high property tax- high school district spending by hiding behind a
  commission that will need to rediscover the obvious.  Forty-three billion dollars was spent on education in NYS last
  year. Most of this comes form property taxes. Trunzo’s plan fails to  identify just how the billions dropped form the
  property tax will be replaced.  Did somebody say property tax?