Income declines as property taxes soar

September 20, 2012. Census data show similar 3-year results statewide: a story by Joseph Spector in the Poughkeepsie Journal.

The data show what has been a perennial problem in New York: high taxes compared to wealth. Median household income in New York fell 1.4 percent from $56,033 to $55,246, but property taxes rose 18 percent, census data released today show.

Many New Yorkers “have property-tax bills that are an inordinate share of their income,” said Frank Mauro, executive director of the Fiscal Policy Institute, a labor-backed think tank in Albany. “The point we make is that too many in New York state have to pay more than 10 percent of their income in property taxes.”