The New York State Senate recently passed major tax reform legislation that would result in the complete elimination of school property taxes in school districts that vote to phase them out over five years, with revenue replaced by additional state funding.

"Despite several multimillion dollar increases in state education aid for Long Island schools, school taxes still make up the largest portion of homeowners' total property tax bill," said Senator Charles Fuschillo (R. -Freeport). "By having the state fully fund education, this new plan would dramatically reduce residential school property taxes, help better control school spending, and ensure that the families who live on Long Island now can afford to stay on Long Island in the future."

The plan would give residents of school districts the authority to vote to eliminate residential property taxes over five years and have those revenues replaced by additional state funding.

Under the plan, school property taxes would be reduced 20 percent a year until they are eliminated after five years. The plan would also give school districts the option to authorize a local property tax cap if district residents choose to do so through a petition and voting process, allowing localities to have the flexibility they need to address unique district-by-district challenges.

The bill now goes to the Assembly for consideration.