Almost four months ago the Senate passed the hard property tax cap legislation proposed by Governor Cuomo. Since then, Senate Republicans have advocated every day for the enactment of a strong property tax cap. Other than the sunset provision and minor technical issues, we have reached a three-way agreement on a bill that achieves our goals and includes 95 percent of the bill we already passed and will finally put the brakes on skyrocketing property taxes.
This agreement maintains the maximum two-percent increase threshold on the total tax levy, as well as the 60 percent level necessary for school district voters to override the cap that were included in the original legislation passed by the Senate.
Enactment of a property tax cap is absolutely necessary for New York to send a positive message to families who are struggling to pay their tax bill and for businesses that want to grow and create jobs, but are being held back by high taxes.
The property tax cap is a big step forward and we must build on it by providing relief from other taxes that place an enormous burden on New Yorkers and stand as an obstacle to economic growth and job creation.