Permanent 2% Tax Cap Adopted in State Budget with Help from BCW
The Business Council of Westchester, which has been a vocal advocate for a permanent 2 percent cap on property taxes, achieved a major victory with the passage of the New York State Budget.
The budget adopted early Monday made permanent a 2 percent cap on local property taxes, which has saved New Yorkers $25 billion since its adoption. In 2011, New York enacted a tax cap which limited the growth of school and local property taxes to 2 percent or the rate of inflation, whichever is less. The cap was renewed in 2015. It was set to expire in 2020 but because it was legally tied to New York City rent-control laws, which end in June, action had to be taken this year.
“We are very gratified that the 2 percent tax cap has been made permanent,’’ said Marsha Gordon, President and CEO of the Business Council of Westchester. “We have spent many months working in support of the Governor on this measure. Keeping property taxes in check is vital to economic development and to the growth and health of our communities.’’
The BCW met with legislators in Albany to push for the tax cap, and as a member of the Tax Cap Coalition launched a digital campaign to support Governor Andrew Cuomo initiative. The BCW also joined Cuomo earlier this month for a press conference in Westchester to support the cap and federal tax reform.
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