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Cuomo's tax commission calls for property tax freeze

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Albany/HV: Cuomo's tax commission calls for property tax freeze
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Governor Andrew Cuomo's tax commission released its report on Tuesday. Capital Tonight's Nick Reisman has the latest.

STATEWIDE -- Governor Andrew Cuomo's tax commission is calling for a two year freeze on property taxes.

The committee's recommendations are focused on providing property tax relief for homeowners and businesses in New York State.

Cuomo called the property tax the largest single tax in the state. He said nearly $50 billion per year is collected across the state in property tax, and nearly $40 billion is collected in personal income tax.

"Also it is the tax that is crushing New Yorkers. You ask any New Yorker about personal income tax rate. No one knows the income tax rate. They know and they can tell you to the cent how much they are paying in property taxes. Our property taxes are disproportionate nationwide," said Cuomo.

The tax commission proposed reducing the corporate tax rate to 6.5 percent, the lowest rate since 1968.

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