The Real Deal New York

Cuomo meets resistance on property tax cap

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. “Governor-elect Cuomo has proposed one of the most aggressive property tax caps because he believes New Yorkers are overtaxed and deserve real tax relief,” a Cuomo spokesperson said. [WSJ]

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