After signing the new property tax cap legislation into law today during a visit to Western New York, Governor Andrew Cuomo gave Senator George Maziarz, a strong advocate for tax relief, one of the pens he used to write his name on the document.
Under the new law, property tax increases will be capped at 2 percent or the rate of inflation, whichever is less. Local communities and local voters could override the cap with a 60 percent vote on the budget for school boards or relevant legislative bodies.This cap on property taxes includes safeguards to ensure delivery of critical services for New Yorkers. There will be limited exceptions to the cap, including:
I have some very important news to share with homeowners in Western New York. If you are a homeowner who receives a Basic STAR exemption for your school property taxes, you will need to register with the NYS Department of Taxation and Finance to keep getting the STAR exemption in 2014 and beyond. This is part of a new effort to eliminate fraud and protect property taxpayers.
Senator George Maziarz has just released a short video explaining how Basic STAR recipients can go about keeping their Basic STAR exemption. This exemption helps reduce the cost of school property taxes.
This year, Basic STAR recipients must complete a one-time Basic STAR re-registration to confirm their eligibility and continue receiving the discount. The re-registration requirement is intended to reduce fraud abuse of taxpayer dollars.