The New York State Senate today passed a bill to help provide much needed tax relief for millions of overburdened New York City property owners. The bill (S4136C), sponsored by Senator Andrew Lanza (R-C-I, Staten Island), gives New York City government the authority to provide a rebate of a portion of the real property taxes for owners of occupied family residences that house up to six families, and including condos and co-ops.
Senate Majority Leader John J. Flanagan said, “There are very few places in New York where the cost of living for middle class homeowners is higher than in New York City. On top of that, the city property tax system is very unfair and the tax burden continues to rise at alarming rates. For years, our Senate Majority has been leading the charge to cut these out-of-control taxes and fees, and this legislation will help ensure that struggling homeowners in the five boroughs are given real savings.”
Senator Lanza said, “With the projected City surplus, this rebate will provide relief to hardworking taxpayers from the ever increasing burden of city property taxes. I urge my colleagues in the Assembly to pass it. I also thank Councilman Steve Matteo for his tireless efforts and leadership as he fights to deliver property tax relief to the people of Staten Island and New York City, and I will continue to work with him toward that end.”
Senator Simcha Felder (D, Brooklyn) said, “It’s a valentine for New Yorkers to get a break from being overtaxed, overticketed, and overfined. Senator Lanza’s common-sense legislation would finally give New Yorkers the relief they deserve.”
Senator Martin J. Golden (R-C-I, Brooklyn) said, “I am proud to have championed legislation approved by the Senate that permits the City of New York to give all property owners, including my constituents, an opportunity for a much needed property tax rebate. This refund will get money back into the pockets of hardworking New Yorkers and at the same time, help to boost the local economy. I call upon my colleagues in the State Assembly to make passage of this legislation a priority before the end of session, so this can be sent to the Governor for his signature.”
On March 9, 2018, New York State Comptroller Thomas P. DiNapoli announced a projection that New York City will enjoy a surplus of $2.6 billion in the current fiscal year. This bill would empower New York City to share some of its prosperity with the hardworking families who have made the recent trend of historic reserve levels possible.
In addition to the bill passed today, the Senate earlier this year passed an extension of the statewide property tax cap to include New York City, as well as S1379C, sponsored by Senator Betty Little, to establish the New York City tax reform study commission. The latter measure would help provide the Governor and State Legislature with a blueprint of reforms to the real property taxation system in New York City. Combined, these actions build upon the Senate Majority’s 2018 Affordability Agenda unveiled earlier this year, designed to help individuals, families, and seniors continue to live, work, and succeed in all parts of New York State.
The bill has been sent to the Assembly.