Gov. Andrew Cuomo and legislative leaders announced yesterday that they have agreed to place a 2 percent limit on property tax increases.
The proposed property tax cap, which will have to be approved by the Legislature, aims to provide relief to suburban homeowners outside with highly taxed properties.
The New York Times reports:
“New York has long had some of the highest property taxes in the nation, and those taxes increased by 5.5 percent, on average, each year from 1999 to 2009, according to statistics provided by the Cuomo administration.”
The Times continued to report that the three of the five highest-taxed counties in the nation were all in New York: Nassau, Westchester and Rockland counties.
The agreement would take effect next year and would limit the overall amount of property taxes collected by a local government or a school district.
Peekskill and Cortlandt’s 2011-2012 school district budgets just passed last week. The Peekskill City School District’s approved budget will raise taxes by 1.46 percent; the Hendrick Hudson School District’s approved budget will raise taxes by 2.9 percent; the Lakeland Central School District’s approved budget will raise taxes by 2.57 percent.
Read more on the details of the agreement in Danny Hakim’s New York Times article here.