New York's 62,000 REALTORS(r) call upon their representatives in the state Legislature to return to Albany for the purpose of providing relief to our state's beleaguered homeowners who are being crushed by high prop­erty taxes. We urge them to approve Gov. David Paterson's school property tax cap proposal as an important first step toward providing New Yorkers with a decreased tax burden. The preliminary report from the New York State Commission on Property Tax Relief found that New York State's local taxes are the highest in America - 79 percent above the national aver­age. It also found: property tax levies in the Empire State are rising at more than twice the rate of inflation and sal­ary growth; outside of New York City, 62 percent of property taxes are school taxes, and in terms of tax rate, nine of the 10 highest counties in the nation are in upstate New York. The New York State Association of REALTORS (r) strongly supports the portion of Gov. Paterson's Program Bill #62 that would cap the growth of school property tax levies at four per­cent or 120 percent of the Consumer Price Index (CPI), whichever is less. This tax cap proposal is a step in the right direction toward solving New York's property tax crisis. New York­ers clearly agree. A recent Siena Col­lege poll found that 69 percent of vot­ers support the governor's property tax cap bill - regardless of political affilia­tion or geographic location. In addition to the highest property taxes in the nation, home buyers in New York State are also expected to pay the highest closing costs in the nation. De­pending on where a homebuyer lives, as many as four separate state and local taxes may be imposed on the recording of a mortgage. Many of these clos­ing costs are fixed and must be paid by low, moderate, and high income home­buyers alike. The net result is that these combined taxes make homeownership unattain­able

for many who aspire to achieve the dream of owning a home. New York is competing with states to lure and return a young and well-educated workforce. And losing the battle due in large part to the state's regressive tax structure. According to statewide census data released in March 2007, New York was one of only four states that failed to grow in population since 2005, with 46 of New York's 62 coun­ties

experiencing more people moving out during 2005 than moving in for a total one-year loss of 225,766.

This issue has been thoroughly stud­ied by the bipartisan, blue-ribbon Com­mission on Property Tax Relief, which also found the need for a school prop­erty tax cap, along with other propos­als for stemming the tide of ever-rising property taxes.

Now, it is time for Albany lawmak­ers to enact structural reforms to the tax system that will foster tax savings to property owners. Every step the state takes toward lower homeowner­ship

taxes is a step toward increasing the state's quality of life and economic vitality.

The school property tax cap pro­posal will help make homeownership more attainable and appealing by al­lowing

people to afford to state in New York State. Offering individuals and families the prospect of meaningful tax relief provides a tangible incentive to purchase a home and grow roots in New York, which will certainly pay lasting dividends.

New York's REALTORS (r) applaud the governor for his leadership on this issue, and urge our legislators.