The 2007 Legislative Session was marked by passage of significant pieces of legislation such as workers' compensation reform and civil confinement. While these newly enacted laws will provide a safer community and greater protections for the working public, nothing has been done to address the greatest problem facing New Yorkers - skyrocketing property taxes.

Failure to tackle the ever-growing issue of property taxes will continue to have adverse effects on our economy. That is why I introduced a bill, "The Property Taxpayer Protection Act," that would limit the property tax burden on homeowners and businesses by providing measures to control spending and capping the tax levy. Additionally, it would provide school district mandate relief, reduce county Medicaid costs, strengthen financial accountability over school tax dollars and promote local government efficiency.

If state lawmakers do not start to address what has become one of the largest property tax burdens in the nation, we will continue to see the migration of businesses to states that are more tax friendly. In addition, the loss of jobs combined with the cost of owning a home has created an exodus of young professionals, seniors and New Yorkers just unable to find a decent-paying job or afford the costs related to home ownership.

We must take steps to reverse the escalating costs associated with owning a home or business in New York if we want to create economic stability and growth. That is why I encourage my colleagues across the aisle to support The Property Taxpayer Protection Act so that we can finally give residents and businesses the financial relief they deserve.