Reform likely for property taxes

By Maury Thompson

The long-discussed concept of a "circuit breaker" property tax credit appears headed for approval by the state Legislature this year, area legislators and property tax reform advocates said.

The new credit, an income tax deduction based on a portion of local property taxes homeowners pay, is considered to be just a first step in the overall goal of reforming the property tax system.

"The circuit breaker is a step in the right direction, but it does absolutely nothing to control the rate of increase in local taxes," said Todd Shimkus, president and chief executive of the Adirondack Regional Chamber of Commerce.

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