Senator Patrick M. Gallivan (R-C-I, Elma) joined colleagues in the New York State Senate in passing legislation to make the property tax cap permanent, ensuring the continuation of a measure that has already saved taxpayers more than $15.5 billion. The bill (S1207), sponsored by Senate Majority Leader John J. Flanagan (R-C-I, East Northport), would make the property tax cap permanent statewide, except in New York City where no cap is currently in place.
“The property tax cap has been very successful in putting an end to skyrocketing taxes in communities across the state,” Gallivan said. “New York property owners pay some of the highest taxes in the country and the only way to limit spending and get property taxes under control is to make the tax cap permanent.”
Growth in property taxes skyrocketed by over 73 percent for New York school districts between 2001 and 2011 and 53 percent in counties. The property tax cap was first enacted in 2011 due to Senate Republican efforts to reduce New Yorkers’ tax burden. When the cap was created, it included a commitment to increase support to school districts and has resulted in a total of $4.9 billion – 26 percent – in school aid increases over the last five years.
The cap limits the annual growth of property taxes levied by local governments and school districts to two percent or the rate of inflation, whichever is less. By keeping within the cap, taxpayers statewide – except in New York City – have saved $15.5 billion over the last five years, and will save over $66.4 billion cumulatively over the first 10 years of its implementation.
The bill has been sent to the Assembly.