New York’s Property Tax Cap

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Property TaxIn 2011, New York enacted a property tax cap that limited the growth of school and local property taxes. The Empire Center calculated in 2015 that New Yorkers would have paid an additional $7 billion in school taxes alone if the 30-year pre-cap rate of levy growth had continued.

The cap, which was renewed through 2020 at the end of the 2015 legislative session, continues to weather attacks from opponents, who portray it as improperly hindering their ability to raise taxes. These efforts have ranged from unsuccessfully challenging the constitutionality of the cap to creating loopholes under which taxes could be increased, to eliminating the supermajority requirement for school budgets that would exceed the cap.

Recent analysis and commentary by the Empire Center: