New York State has a new law capping annual increases in local government and school district property taxes. Effective in local fiscal years starting on or after Jan. 1, 2012, the law limits the annual growth of property taxes levied by local governments and school districts to 2 percent or the rate of inflation, whichever is less.
It’s no surprise that some New York’s local governments are choosing to override the state’s new property tax cap. The real news is that the vast majority — so far — apparently are managing to live within it.
The state Department of Taxation and Finance has issued "Guidelines for Implementation" of New York's new tax cap. In addition, on a web page of links related to the tax cap, the agency has posted its first-ever annual estimates of growth in assess...
The St. Lawrence County Board of Legislators is holding a public hearing today on a proposal to override the state's new property tax cap as part of the county's budget. Although the tentative 2012 county budget is not due until Nov. 15, local news r...
A important breakthrough on the property tax cap issue came last week when Assembly Speaker Sheldon Silver introduced a bill that conforms in key respects to Governor Andrew Cuomo's original proposal.
New Jersey imposed a 4 percent cap on local property tax increases a year before Governor David Paterson endorsed the Suozzi Commission's call for a school property tax cap in New York. But unlike Paterson's original proposal, the cap signed into law by New Jersey Governor Jon Corzine in 2007 contained a number of loopholes, including a clause exempting the cost of health insurance benefits.
The only proven route to long-term and lasting property-tax relief in New York is property-tax limitation - such as capping the annual growth in school-tax levies, Empire Center for Public Policy Director E.J. McMahon said in testimony today before state Assembly lawmakers.