The Real Deal New York

Assembly unveils property tax cap plan

May 24, 2011 04:24PM

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. Generally speaking, the Assembly’s proposal, which allows for the cap to be overridden by a 60 percent majority of a local school district and is directed particularly at areas with crushing property taxes like Long Island and Westchester County, is similar to that of the Governor, who said today that he applauded their efforts. [NYT]

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