The New York Senate passed legislation making the property tax cap permanent. Governor Cuomo issued the following statement on the vote late Wednesday afternoon.
“In 2011, we made history when we passed the groundbreaking 2 percent property tax cap to rein in out-of-control growth in local taxes. Our local property tax cap represented an unprecedented feat of fiscal responsibility, helped cut annual growth in school property taxes by more than 70 percent from pre-Great Recession rates, and successfully saved New Yorkers approximately $25 billion.
“This year, while the federal government raises taxes on New Yorkers with its devastating cap on state and local tax deductibility, I once again called on the Legislature to make our local property tax cap permanent to continue our progress easing the burden on New Yorkers. I applaud the Senate for heeding my call and supporting this critical tax relief legislation for middleclass families. The property tax cap should be made permanent once and for all by the end of the budget process.”
The New York Senate passed legislation making the property tax cap permanent.
The property tax cap, passed in 2011 and extended in 2015 for four years, prevents increases in real estate taxes from exceeding two percent of the previous assessment or the rate of inflation.
“I ran for State Senate on the promise that I would fight tirelessly for overburdened and overtaxed Long Islanders. Today I took the first step and introduced vital legislation to make the property tax cap permanent. No more temporary extensions. A permanent tax cap for permanent relief,” Bill Sponsor, Senator Jim Gaughran (D-5th District), said.
The bill now heads to the Assembly for a vote.