Top business organizations in New York State are calling on the New York State Legislature to approve Governor Andrew Cuomo’s Executive Budget proposal that would make the 2% property tax cap permanent.
On March 5, The Business Council of Westchester joined with The Long Island Association, Greater Rochester Chamber of Commerce and The Business Council of New York State to launch a statewide coalition that will be chaired by its respective presidents. The group will be expanded with additional business organizations and chambers of commerce throughout the state.
Marsha Gordon, President & CEO of The Business Council of Westchester, said: “The property tax cap has been a proven winner in Westchester County and the rest of New York State. The savings from the tax cap have allowed employers to invest more dollars into their businesses which has resulted in creating new private sector jobs. In addition, by making the property tax cap permanent, the residents of Westchester County will be provided solid savings across the board, making it easier for employers to attract and retain future employees. Making the tax cap permanent must be included in this year’s State Budget. The Business Council of Westchester stands with Governor Cuomo in his efforts to make the tax cap permanent in New York State.”
In 2011, New York enacted a cap which limited the growth of school and local property taxes to 2% or the rate of inflation, whichever is less.
The cap was renewed in 2015 and expires in 2020, but is legally tied to New York City rent-control laws, which end in June. Thus, action must be taken this session.
The importance of extending the cap permanently cannot be understated. Municipalities, including school districts which are the biggest driver of property taxes, have by and large responded to the cap with prudent budgeting, more efficiency and restrained spending. In essence, our counties, towns, villages and schools have learned to do more with less.
If BCW members want to join the coalition and learn more, visit: www.taxcapcoalition.org.