Albany, NY– State Senator Michael H. Ranzenhofer has announced today that the New York State Senate has passed two separate pieces of legislation that would enact permanent caps for property taxes and state spending.
“The property tax and state spending caps are working. Together, they have saved taxpayers a total of $64 billion. In order to further cement additional savings for current and future taxpayers, these fiscally-responsible initiatives must be made permanent this year,” said Ranzenhofer.
Senator Ranzenhofer is co-sponsoring both bills in the State Senate.
Property Tax Cap (S1207)
The legislation enacts a permanent cap on the annual growth of property taxes levied by local governments and school districts to two percent or the rate of inflation, whichever is less. From 2001 to 2011, growth in New York’s property taxes increased by 73 percent for school districts and 53 percent for counties.
The property tax cap was first enacted in 2011. Since then, taxpayers have saved $23 billion.
State Spending Cap (S365)
The legislation would permanently control spending to a three-year rolling average of inflation. Since 2010, seven state budgets have restricted spending growth at or below two percent, saving a cumulative $41 billion.