Urges Legislature to Extend Property Tax Cap this Legislative Session
New York – June 4, 2015 – (RealEstateRama) — Governor Andrew M. Cuomo today released a report (available here) detailing the success of the property tax cap in delivering tax relief for New York families and businesses. In addition, the Governor traveled to Nyack, New York in Rockland County to urge the State Legislature to extend the two percent property tax cap this legislative session.
“The tax cap has succeeded in taming out-of-control property tax increases throughout this state and it must be extended to ensure property taxpayers continue to be protected from the crushing burden of skyrocketing tax increases,” Governor Cuomo said. “I urge the Legislature to act this session to keep the cap and continue the progress we have made to deliver tax relief to all New Yorkers.”
The property tax cap is one in a series of tax relief initiatives pursued by Governor Cuomo over the last several years in an effort to change New York’s “tax capital” mentality and provide much needed relief to businesses and homeowners. As a result of the Governor’s initiatives, middle class tax rates are at their lowest since 1953, the corporate tax rate is at its lowest since 1968, and the manufacturing tax rate is at its lowest since 1917.