New York state’s first ever property tax cap was passed recently, bringing some relief to one of the country’s highest-taxed areas. Approved on June 24, the bill limits property tax levy increases to 2% or the rate of inflation, whichever is less.
The cap is slated to take effect for the 2012 fiscal year for local governments and the 2012-13 school budget year.
“We are beginning a new era in which New York will no longer be the tax capital of the nation,” Gov. Andrew Cuomo said in a press release. “For too long, New Yorkers across the state have been forced to deal with back-breaking property taxes, and this cap will finally bring some relief and help keep families and businesses in New York. This tax cap is a critical step toward New York’s economic recovery, and will set our state on a path to prosperity.”
State Assemblyman Robert Castelli, whose 89th District includes Lewisboro and Katonah, praised the legislation, which Gov. Cuomo celebrated with a ceremonial bill signing in Pleasantville on June 30.