ALBANY, N.Y.—Today, a diverse group of employer organizations, representing general business, small business and agribusiness, joined by Senate Majority Leader John Flanagan and members of his conference, called for making New York’s real property tax cap permanent. Additionally, The Business Council of New York State, Inc. announced the launch of an exciting new website (www.keepthecapny.com) that will allow New Yorkers to see how much money their region has saved since the property tax cap became law. The data behind the site were provided by the Empire Center with analysis from the Public Policy Institute.
- Regional savings:
- Capital Region: $587,230,219
- Central NY: $292,931,570
- Finger Lakes: $489,882,474
- Long Island: $3,044,823,199
- Mid-Hudson: $2,157,899,212
- Mohawk Valley: $174,983,042
- North Country: $142,435,067
- Southern Tier: $287,068,500
- Western NY: $449,008,083
- Total statewide savings: $7,626,261,366
“These savings figures are truly astounding,” said Heather C. Briccetti, president and CEO of The Business Council of New York State. “In less than four years the people of New York State paid $7.6 billion less than they would have without the cap. That is money New Yorkers could instead spend on expanding their businesses, paying down debt, buying a new home and saving for their children’s future. It is critically important we do not turn back the clock. We must keep the cap, and we should make it permanent.”
"The tax cap is already producing major school tax savings. A permanent cap will ensure that what has long been the largest and fastest-growing element of New York's local property tax burden is finally reined in, once and for all,” said E.J. McMahon, President, Empire Center for Public Policy.
“The data presented today by the Public Policy Institute and the Empire Center shows why New York’s families and employers need a permanent property tax cap,” said Greg Biryla, executive director of Unshackle Upstate. “Since its enactment in 2011, the cap has saved Upstate taxpayers more than $2 billion. Our leaders in Albany should extend these savings to future generations by making the property tax cap permanent this year.”
"With billions in savings for small employers and homeowners, the property tax cap has proven to be an effective mechanism to reign in property taxes," said NFIB/NY State Director Mike Durant. "Albany can send a clear, positive message to New Yorkers in the final days of this session by committing to stay the course on cutting property taxes by making the tax cap permanent."
“The New York Farm Bureau is encouraging the state’s lawmakers to make the 2% tax cap permanent. It has proven to be successful in limiting the tax burden for family farms across New York. This increases the ability of farms to reinvest in their businesses and support their local economies. In addition, mandate relief also remains a priority. Local and county governments and schools district across New York need relief as well from the climbing costs forced upon them that threaten basic services,” said Jeff Williams, New York Farm Bureau’s Public Policy Director.
“There is a reason 70 percent of New Yorkers support the cap, and that’s because, as today’s numbers show, it is working. We hope this website helps New Yorkers make the right decision when they head to the polls today to vote on their local school budget,” said Heather C. Briccetti. “We encourage all New Yorkers to visit www.keepthecapny.com, interact with us on social media and tell their legislator we must make the property tax cap permanent.”
Methodology: The Empire Center examined the impact of the property tax cap on school property tax levies, which make up the largest component of New York property tax bills. The Center used data collected by the Office of the State Comptroller and State Education Department from 1982 to present and focused on the more than 600 school districts outside the Big 5 cities in which the tax cap law requires voter approval of any tax increase.
Estimated savings figure based on the assumption that without the cap, the tax levy would have continued to increase at the 30-year pre-cap average annual growth rate.
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