Bill Passed By State Senate Would Limit School District & Local Government Tax Levy Increases
New York State Senator Charles J. Fuschillo, Jr. (R-Merrick) announced that the State Senate passed legislation he supports which would enact a cap on school & local property tax increases.
“Getting spending under control is the only way to stop property tax increases from skyrocketing year after year. Property taxes are driving people out of their homes and making Long Island unaffordable for so many families. Capping tax levy increases will help control spending and provide some stability for already overtaxed Long Islanders. The Assembly should join the Senate in passing this legislation,” said Senator Fuschillo.
The proposed law would cap property tax levy increases for all school districts, counties, towns, villages, special districts, and fire districts. Tax levy increases would be capped at either 4 percent or 120 percent of the annual increase in the consumer price index, whichever is less.
Senator Fuschillo has been calling for a property tax cap for the last several years. He also favors a similar cap on state spending and urged the State Senate to pass one immediately.
The tax cap proposal has the support of Governor Paterson but must still be passed by the Assembly. The legislation has been sent to the Assembly for consideration.