The recently appointed New York State Commission on Property Tax Relief released its proposal to contain property taxes across the state Tuesday.

Chaired by Nassau County Executive Tom Suozzi, the commission has devised a plan that would cap property tax increases at 4 percent a year or 120 percent of inflation, whichever is lower. Districts that want to tax at a higher rate would have to get 55 percent of its voters to approve it.

?We cannot continue to demand that our residents and homeowners pay these increased property taxes above this capped amount,? Suozzi says. ?It's unsustainable. It's not possible.?

In January, former Gov. Eliot Spitzer selected Suozzi to chair the bipartisan commission as part of a statewide effort to get a hold of skyrocketing property taxes. Gov. David Paterson says the property taxes New Yorkers pay have discouraged business investment, depressed the state's economy and driven too many New Yorkers out of the state.

Paterson says he will introduce a bill based on the plan to the legislature by the end of the week.

Click for reaction from skeptical Long Islanders

To watch Paterson?s press conference about the plan, go to channel 612 on your iO digital cable box and select iO Extra.