Governor Spitzer (D-NY) unveiled his first state budget plan Wednesday, pushing for property tax relief and an increase in school funding.

The proposed $120.6 billion budget for the next fiscal year will increase school funding by $1.4 billion and provide $1.5 billion to cut property taxes for New York State residents. There are no tax increases in the budget. Spitzer says he will close tax "loopholes" and eliminate waste and fraud to accommodate the funding for his initiatives.

Spitzer says his plan also "provides overdue property tax relief to middle-class homeowners." His plan would seek to save middle-class families $6 billion over three years. Under his proposal, the state's debt would increase from $48.8 billion to $52.6 billion.

Many Long Islanders say they will take what they can get in tax relief. However, some are skeptical and say they will believe it when they see it. Under the proposed budget, Suffolk homeowners would save an average of $760 a year and Nassau homeowners would save $979 a year.

Click here to see more on Governor Spitzer's budget proposal