Governor Andrew Cuomo Signed the Landmark Property Tax Cap Measure into Law.
Governor Andrew Cuomo signed the landmark Property Tax Cap measure into law on June 29, 2011. Senator Owen H. Johnson joined his colleagues in the Senate Majority in the effort to enact this strong 2% tax cap, which will help ease the burden skyrocketing tax increases have placed on hardworking middle-class homeowners, senior citizens and small businesses throughout New York State. It will not only promote more responsible budgeting at the local government and school district level, but will also improve New York's overall climate for new job creation and economic growth.
This new law will cap school and local government taxes to less than two percent of the Consumer Price Index (CPI), whichever is lower. Mandate relief is also included, with $127 million in savings to local governments and the creation of a Mandate Relief Council to identify and repeal unsound, unduly burdensome laws and regulations. The law will take effect for the 2012-13 fiscal year.
“Working together with Governor Cuomo, we were able to get New York moving back in the right direction again – helping school districts and local government reduce spending,” Senator Johnson said. “With reduced spending and mandate relief, we can cut taxes on families and businesses and encourage job creation.”
The new tax cap is just one of the many key measures approved during the recently concluded 2011 Legislative Session -- a session many observers are calling the most productive in many years. Other long overdue and common-sense actions taken this session include:
Approving a Responsible, On-Time Budget: The newly enacted on-time budget closed a $10 billion deficit without raising any new taxes or fees. It also reduces state spending for the first time in years, and will help create new jobs by allowing burdensome taxes on small businesses to expire.
Enacting Historic Ethics Reform: The new ethics law will strengthen disclosure requirements for elected officials, establish a strong, independent ethics commission, and will help to ensure a more open and accountable government for all New Yorkers.