The Real Deal New York

Posts Tagged ‘property tax cap’

  • New York State legislators want to reduce or eliminate local counties’ contribution to Medicaid in order to reduce property taxes levied to New Yorkers, the Albany Times Union reported. On average, 45 percent of local property taxes are sent to the health insurance program. Lawmakers believe that is contributing to the relatively high property taxes New Yorkers pay, and burdening families, and in turn, the economy.

    In June, Governor Andrew Cuomo enacted a cap on property tax increases, and lawmakers are concerned that for counties to comply with the cap and fund their share of Medicaid, it would eliminate funding for crucial public services, including police units and infrastructure repairs.
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  • Governor Andrew Cuomo was making the rounds in New York City suburbs today, signing a statewide property tax cap legislation in Westchester and Nassau counties, his office announced. The new law, which has been kicked around the state government for more than 15 years, caps property tax increases at 2 percent, or the rate of inflation, whichever is less. Only a 60 percent vote in local communities override Cuomo’s legislation. “We are beginning a new era in which New York will no longer be the tax capital of the nation,” Cuomo said. – Adam Fusfeld[more]

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  • A tentative deal to renew New York State’s rent regulation laws and cap property taxes for homeowners emerged from Albany yesterday and is expected to move to the Senate and Assembly floors today for a vote, according to the New York Times. The details of the so-called “framework” are as follows: much to the dismay of die-hard tenant-advocates, vacancy decontrol is staying, and landlords will still be allowed to deregulate apartments when tenants’ monthly rent and annual household income reach certain thresholds. But those thresholds are being increased to $2,500 from $2,000, and to $200,000 from $175,000, respectively. Landlords will also be held accountable by state housing officials for how much they spend to upgrade rent-stabilized apartments before they’re allowed to charge tenants for building improvements. … [more]

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  • Rent regs deal imminent in Albany

    June 21, 2011 02:09PM

    Albany lawmakers have reached a tentative agreement on statewide rent regulations and a property tax cap, Senate Majority Leader Dean Skelos said today. According to NY1, Skelos said there’s a “framework” in place and that an official deal is hopefully near. The state’s rent laws expired this past Friday after months of negotiations failed to produce new legislation that both the Democrat-led Assembly and the Republican-led Senate could agree upon. … [more]

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  • The Bloomberg administration is ramping up its opposition to a GOP-sponsored Senate bill that would cap property taxes for apartment building owners whose tax abatements are about to expire, calling it “a large tax break dressed up as housing policy,” the Daily News reported. The legislation, introduced by Senate Housing Committee Chair Catharine Young, would extend the now-expired 421-a tax abatement program for four years, while imposing a 30-year cap on property taxes for landlords whose abatements are expiring and who agree to keep 20 percent of their housing units affordable. In those cases, property taxes would be capped at 20 percent of the buildings’ rental income, and according to Bloomberg administration officials, the city would lose an estimated $2 billion in revenue as a result. … [more]

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  • Buoyed by the endorsement of Gov. Andrew Cuomo, the State Assembly proposed new legislation this morning that would cap property taxes at 2 percent, with some exceptions. Cuomo has been pushing for such a tax ceiling since his campaign, and the Assembly had been seen as one of his most challenging hurdles, since the New York City Democrats that lead the body have close ties to teachers’ unions, which have opposed the cap. Senate Republicans have, in the past, come out in favor of tax caps. … [more]

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  • While some state officials say they’re concerned that Governor Andrew Cuomo’s proposed property tax cap could lead to a budget shortfall, the proposal has garnered support from New York City homeowners, according to the New York Times. The median property tax in New York state reached $3,755 in 2009, compared to the national median of $1,917, while five counties — Westchester, Nassau, Suffolk, Rockland and Putnam — have median property taxes upwards of $7,200. Michael McCall, a marketing professor at Ithaca College, said that the tax cap may become increasingly popular among homeowners who see the current system as unfair. … [more]

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  • State Senate OKs Cuomo property tax cap

    February 01, 2011 02:54PM

    The State Senate voted 45 to 17 yesterday in favor of the property tax cap bill Gov. Andrew Cuomo proposed last week, and now the spotlight is shifting to the Assembly, where support for the measure is less than assured, according to the New York Times. Whereas Senate approval was expected — the chamber has passed limits on property taxes in recent years under both Democratic and Republican majorities — several Democratic Assembly members haven’t been as enthusiastic thus far, and were reportedly offended that Cuomo sprung the bill upon them with no advance warning last Friday to get it passed before today’s release of his executive budget. … [more]

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  • Cuomo’s tax cap faces opposition

    January 24, 2011 11:57AM

    Once a popular initiative among homeowners and tax protest groups, Governor Andrew Cuomo’s property tax cap program is now drawing ire, according to the New York Times. The proposal, which Cuomo has not yet formally submitted, would limit the annual growth of property taxes at 2 percent or the rate of inflation, whichever is lower. But while many fiscal conservatives once supported the plan, opposition is growing, and some say that the resulting deficit from the cap would have to be covered through unexpected fees. … [more]

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  • From left: Assembly speaker Sheldon Silver, Assemblyman Vito Lopez and Gov. Andrew Cuomo
    Democratic leaders in the State Assembly are indicating that they are ready to throw their support behind a cap on local property taxes, according to the New York Times. The cap, which already has backing from the Republican-led Senate, is popular with voters in New York’s suburbs, who pay some of the highest property taxes in the country. But in return for their support, Democrats are requesting stricter rent regulations for New York City, a measure which is strongly opposed by Republicans and the real estate interests that helped Governor Andrew Cuomo get elected. … [more]

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  • Cuomo meets resistance on property tax cap

    December 07, 2010 11:07AM

    New York property taxes could be on their way up statewide, according to the Wall Street Journal. While Governor-elect Andrew Cuomo has pledged to rein in tax increases, capping property tax hikes to 2 percent a year, local officials across New York want to boost property taxes before he enters office. This is due in large part to budget shortfalls, which have been felt nationwide as well; according to the Empire Center for New York State Policy, a conservative policy group, property taxes would need to climb 3.5 percent to account for other costs. Cuomo, meanwhile, remains stalwart in his tax stance. … [more]

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  • NJ passes property tax cap

    June 30, 2010 01:30PM

    New Jersey Governor Christopher Christie signed into law yesterday the state’s smallest budget in five years, enacting various financial reforms including one that would heavily impact homeowners, according to the New York Times. Christie, against the will of fellow lawmakers, wants to impose a 2.5 percent annual limit on local property tax increases, through a constitutional amendment which requires voter approval. To put the measure on the November ballot, the legislative
    committee would have to approve it next week, and the full Assembly and Senate would need to do so by July. Yesterday, the Legislature passed a counter-proposal, setting a 2.9 percent limit, without changing the constitution. “We’ve been very clear we’re not going to pass a constitutional amendment, for the simple reason that it hasn’t worked where they’ve done it,” said Stephen Sweeney, the Senate president and the author of the legislative plan. “We’re willing to compromise, but the governor hasn’t shown that willingness.” [NYT]

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  • NJ passes property tax cap

    June 30, 2010 01:30PM

    New Jersey Governor Christopher Christie signed into law yesterday the state’s smallest budget in five years, enacting various financial reforms including one that would heavily impact homeowners, according to the New York Times. Christie, against the will of fellow lawmakers, wants to impose a 2.5 percent annual limit on local property tax increases, through a constitutional amendment which requires voter approval. To put the measure on the November ballot, the legislative
    committee would have to approve it next week, and the full Assembly and Senate would need to do so by July. Yesterday, the Legislature passed a counter-proposal, setting a 2.9 percent limit, without changing the constitution. “We’ve been very clear we’re not going to pass a constitutional amendment, for the simple reason that it hasn’t worked where they’ve done it,” said Stephen Sweeney, the Senate president and the author of the legislative plan. “We’re willing to compromise, but the governor hasn’t shown that willingness.” [NYT]

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