Gov. Andrew Cuomo came to New Hyde Park Sunday with an entourage of Democratic state senators to urge lawmakers to make the tax cap permanent in the upcoming budget.
The property tax cap, passed in 2011 after a decade of discussion and extended for four years in 2015, is set to expire and now Cuomo says he will not sign off on the new budget unless the tax cap is made permanent.
The property tax cap limits the growth of school budgets and local property taxes to 2 percent per year, or the rate of inflation, if lower. Local governments may surpass the cap only with a vote of 60 percent or more.
Making the tax cap permanent is more important now since the passing of the Tax Cuts and Jobs Act in 2017 capped local and state deductions, also known as SALT, at $10,000, said state Sen. Anna M. Kaplan (D-Great Neck). The cap on SALT deductions hurt homeowners who often have property taxes above $15,000 in many areas downstate.
“With the federal administration declaring war on New York taxpayers by reducing the SALT deduction, it’s becoming harder and harder for Long Island families to make ends meet,” Kaplan said. “Governor Cuomo’s 2 percent tax cap has worked to slow the growth of property taxes on Long Island and help government to live within its means, and that’s why I’m standing with Governor Cuomo and my Long Island Senate majority colleagues to fight to make it permanent in the state budget.”...Read more at TheIslandNow.com