ALBANY, N.Y.—Now that it is clear the Legislature will stay in session beyond the scheduled final day, The Business Council asserts there is more than enough time for the Assembly to pass the Senate’s bill making the property tax cap permanent and rejecting proposals to weaken its effectiveness.
Despite the cap, New York’s property taxes remain among the highest in the nation. That is why we believe calls from certain special interests to erode key components of the property tax cap must be ignored.
The tax cap, as currently constructed, is one of the premiere legislative achievements of Governor Cuomo’s time in office. Since enacted, the tax cap has saved New Yorkers a combined $7.6 billion. It’s no surprise a recent Siena College poll found nearly three in four New Yorkers support keeping the cap.
The property tax cap remains statutorily linked to rent control, a link The Business Council believes is unnecessary and only serves to distract from the cap’s successes. “One of the chief criticisms of the property tax cap was that it would negatively impact school funding,” said Heather C. Briccetti Esq., president and CEO of The Business Council of New York State Inc. “Four years in, we now know that is not the case. In fact, while the tax cap kept this year’s levy increases well below two percent, state schools saw a six percent increase in funding.”
We encourage all New Yorkers to contact their lawmakers to let them know how important it is to keep the cap and not weaken it. We also remind them to visit www.keepthecapny.com to see how much money their region has saved.
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