SENATE REPUBLICANS WIN AGREEMENT ON BILL TO CAP PROPERTY TAXES

Recognizing that high property taxes are the single greatest obstacle to economic freedom and job growth, Senate Republicans began fighting three years ago to pass legislation to cap property taxes for homeowners and businesses.

Heeding the calls of their constituents, Senate Republicans never stopped advocating for the enactment of a strong property tax cap and now we have reached an agreement with the Governor and Assembly. In fact, in a victory for taxpayers, we expect to pass a bill this month that will finally put the brakes on skyrocketing property taxes.

The legislation caps the annual increase in the local government and school district tax levy at 2 percent or the rate of inflation (whichever is less), and requires 60 percent of school district voters to override the cap.

Republicans believe that enactment of a property tax cap is absolutely necessary to send a positive message to families who are struggling to pay their tax bill and for businesses that want to grow and create jobs, but are being held back by high taxes.

The property tax cap is a big step forward and we must build on it by providing relief from other taxes that place an enormous burden on New Yorkers.