I think New York on its way to tax stock shares because new york will need more money soon.
In New York State, the property tax is a local tax, raised and spent locally to finance local governments and public schools. While the State itself does not collect or receive any direct benefit from the property tax, this tax is still of major importance as the largest single revenue source for the support of municipal and school district services.
Counties, cities, towns, villages, school districts, and special districts use property taxes to fund:
- schools
- police and fire protection
- road maintenance
- many other municipal services
Property taxes are based on the value of real property
The property tax is an ad valorem tax, meaning that it is based on the value of real property. Real property (commonly known as "real estate") is land and any permanent structures on it.
Without accounting for exemptions, properties of equal value in the same community should pay the same amount in property taxes. The owners of more valuable properties should pay more in taxes than the owner of less valuable properties.
Unlike many states, there is no personal property tax in New York. Rather than taxing items such as jewelry and vehicles, only real property is taxed.
Where the property tax goes
School districts are the largest users of the property tax. In fiscal years ending in 2009, local governments and school districts outside of New York City levied $28.87 billion in property taxes. Of that, 62 percent was levied by schools and 17 percent by counties. The remaining 21 percent was divided among towns, special districts, cities and villages.