Governor Andrew Cuomo has signed into law an omnibus bill (Chapter 97 of the Laws of 2011) including a cap on local property taxes in all jurisdictions outside New York City. The bill was passed on Friday, June 24, during the final hours of the legislative session.
The cap — the lesser of 2 percent or the rate of inflation subject to limited exclusions — is among the broadest and tightest limits of its kind in the country. It will have an especially significant impact on school districts, which will be prohibited from raising taxes at all without voter approval.
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