A bill to check the growth of property taxes became law late Friday night, a signature priority for business lobbies this year.

The law prevents property taxes — often the biggest tax a business pays — from rising more than 2 percent a year, or inflation, whichever is lower. It is the first limit New York has ever put on property taxes.

The legislation sailed through the Senate (57-5) and the Assembly (114-15) on Friday. Gov. Andrew Cuomo signed it into law later that night.

The vote came against fierce opposition, including the 575,000-member New York State United Teachers union in Latham that warned of layoffs if the bill went through.

“I truly believe this state is on a different trajectory than it was six months ago,” Cuomo said. “These are accomplishments that had defied completion for decades.”

Business paid $21 billion of property taxes last year, a $1.1 billion increase at a time when many property values were falling. Companies pay five times more in property taxes than they do in corporate taxes, Cuomo said.

The tax cap will last for a minimum of five years. After that point, the cap will remain in effect as long as laws governing rents in 1 million New York City apartments also remain on the books.

Local governments and schools must start complying with the cap for their fiscal years starting in 2012.

It’s acceptable and it’s a win and it will be effective,” said E.J. McMahon, director of the conservative Empire Center for Public Policy. It’s a lot more than anybody might have expected before (Cuomo) took office.”

The action was overshadowed by a vote later on Friday to legalize gay marriage, but business groups put more stock in the tax cap, calling it a historic win…..

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