Yesterday’s school budget votes proved once again New York’s school districts aren’t having much difficulty staying under—or overriding—the property tax cap.
Taxpayers can chalk up a victory thanks to Gov. Andrew M. Cuomo’s successful effort to make the property tax cap permanent. The 2011 law, which could have expired in mid-2020, limits the annual growth in property tax levies to 2 percent or the rate of inflation, whichever is less. The fiscally conservative Empire Center says the 8-year-old law has saved New Yorkers billions of dollars in tax payments.
New York’s new budget — the actual state-government expenditure plan, that is, as opposed to numerous side issues packaged with it — apparently came in close to Gov. Andrew Cuomo’s bottom line.
Over the past seven years, New York’s cap on local property tax levies has generated billions of dollars in savings for homeowners and businesses, compared to previous trends. The cap has been especially effective in restraining school property taxes, which have long been the largest and fastest-growing component of New York’s tax burden.
Governor Andrew Cuomo on Friday laid down an important marker in his push to make the property tax cap permanent, rejecting changes that would weaken it.
Assembly Republicans, who ought to know better, have issued a proposal that would weaken the state’s property tax cap.
Urban progressives took over the New York state Senate in November, but the body’s biggest swing group will be suburban Democrats. These Democrats will need to prove themselves to their voters, many of them homeowners in places like Long Island and Westchester.
The most valuable deliverable for the nascent suburban caucus will be a permanent extension of Gov. Cuomo’s property-tax cap.