K-12 Tax & Spending Climate: Deal Reached in Albany to Cap Property Taxes

Danny Hakim:

Pledging to provide relief to highly taxed suburban homeowners, Gov. Andrew M. Cuomo and legislative leaders said Tuesday that they had agreed to place a 2 percent limit on property tax increases in a plan that rivals the toughest such measures in the nation.
The proposed property tax cap, an agreement in principle that must be approved by the Legislature, is aimed at reversing the economic decline in many parts of the state outside of New York City. It also seeks to curb soaring property tax bills in areas like Long Island, Westchester County and pockets of upstate New York, where residents are facing among the highest property taxes in the nation.
Some residents, particularly those who are older and live on fixed incomes, are being forced out of their homes by rising property taxes.
“It is going to be a game changer, and it’s going to change the trajectory of this state,” Mr. Cuomo said.
New York has long had some of the highest property taxes in the nation, and those taxes increased by 5.5 percent, on average, each year from 1999 to 2009, according to statistics provided by the Cuomo administration.