Senator Charles J. Fuschillo, Jr. (R-Merrick) announced that New York State has enacted a new property tax cap law. The property tax cap, which Senator Fuschillo strongly supported in the Senate, will help control local spending by creating a cap on local property tax levies.
“Long Islanders can’t afford to keep paying some of the highest property taxes in the country. Families and businesses are leaving Long Island in droves because of our region’s crippling and unaffordable property tax burden. Capping spending and controlling taxes are major steps in the right direction which will make Long Island more affordable and make it easier for people who live here to be able to stay here,” said Senator Fuschillo.
The property tax cap law will cap spending for school districts, local municipalities, and special districts. Under the property tax cap, all local tax levy increases will be capped at either two percent or the annual increase in the consumer price index, whichever is less.
Voters will still have the opportunity to vote for their school district’s tax levy proposal in May. Districts cannot go above the cap unless they receive the approval of 60 percent of the voters in the budget vote.
To help school districts and localities further reduce costs, the law includes a number of mandate relief measures which are expected to save up to $127 million annually. The law also creates a Mandate Relief Council which will examine and determine if a statute or regulation is costly, unsound, or unduly burdensome and establish procedures for repealing unfunded mandates.
Long Island has among the highest property tax burdens in the state or the country, according to the Tax Foundation, a non-profit educational foundation. Nassau County’s property tax burden is the highest in the state and second highest in the country. Surveys have repeatedly shown that New Yorkers overwhelmingly support a property tax cap.
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Click here [3] to watch Senator Fuschillo discuss why New York State needs a property tax cap.
