The New York State Assembly this evening followed the Senate’ lead in passing a
teacher pension bonding option that would undermine a property tax cap while generating more risk for taxpayers — but a leading State Capitol reporter has tweeted that Governor Cuomo’s “quick comment” on the bill suggests “strong opposition.” Cuomo certainly should be opposed.
Veto pen ready?
As for the cap itself, the omnibus bill containing it (no download link yet) finally appeared within the last hour. At first glance, it looks identical to
the version Speaker Silver introduced last month, with a modified expiration date.
Specifically, the cap “shall remain in full force and effect at a minimum until and including June 15, 2016 and shall remain in effect thereafter only so long as” the state’s temporary rent control statutes — which expire a year earlier, but which can be expected to be renewed (in modified form) for many years to come.
Here’s the passage in question:
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The property tax cap has an extraordinary record of restraining tax hikes without unduly straining education budgets.
Extending the budget window reveals large, yawning budget gaps growing from nearly $8 billion in 2026 to nearly $20 billion by the end of the decade.
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.
The newly enacted federal income law provision limiting state and local tax (SALT) deductions "is likely to substantially decrease home values" in New York, Connecticut, Maryland and New Jersey.
That's a key claim of the lawsuit filed by the four states against the Trump administration today with the goal of having the $10,000 SALT deduction cap declared unconstitutional.
State Senate Republicans today issued a "Blueprint for a Stronger New York" that combines a few solid big-picture tax reduction priorities with more of the wasteful "tax relief" gimmickry that's become a standard feature of the Senate GOP tax policy agenda in recent years.
Governor Andrew Cuomo is ending the year on a strong pro-taxpayer note, vetoing union-backed legislation that would have blocked the Nassau County Interim Finance Authority from imposing pay freezes to balance the county budget.
The tax cap effect was on full display in yesterday’s school budget voting.
School budgets were approved at a record-high rate of 99.3 percent, adding to evidence that districts can live within a property tax cap set at either 2 percent or the prior year’s average rate of inflation, whichever is less.
A mandated state takeover of local Medicaid costs, added to the House GOP health bill by U.S. Reps. Chris Collins and John Faso, promises relief for property taxpayers across New York. However, some counties stand to save more than others.