New York State Senator Mike Nozzolio today announced that the State Senate has taken a tremendous step forward in providing relief to property taxpayers and businesses by adopting legislation that he supported and fought to enact to cap property taxes. The State Senate also enacted corresponding legislation to relieve local governments from unfunded State mandates that escalate local costs and force property taxes to increase.
“Every property owner…every business, big or small...every farm owner and manufacturer....every family and senior citizen ... all have the same concern.... property taxes in New York State are much too high and these taxes are stifling our state's economy. This critically important legislation is the first step toward reversing the devastating impact property taxes have had on residents throughout New York,” said Senator Nozzolio. “As State Senator, I am committed to getting New York on the road back to fiscal responsibility and I commend all of my colleagues who joined me in supporting this much-needed financial relief for our taxpayers.”
The tax cap legislation has been praised by business and economic development organizations across the State and received strong bipartisan support in the Senate. This legislation will limit property tax increases to 2 percent or less, based on the consumer price index. The plan is similar to caps enacted in New Jersey and Massachusetts. After the cap was established in Massachusetts, the state went from having the 3rd highest property taxes in the nation down to the 33rd highest.
In conjunction with the property tax cap, the Senate also enacted legislation banning the State from imposing any unfunded mandated programs on municipalities or school districts.
“By combining the property tax cap with measures to identify and abolish unfunded mandates, my Senate colleagues and I have enacted a realistic, effective solution to help individuals and families stay in their homes and allow private sector businesses to create new jobs for our region,” said Senator Nozzolio. “We must now build on this success and take the next steps to cut taxes, cut spending and restore economic opportunity in New York State.”