Senate passes bill to cap property tax growth

April 2, 2015 Meaghan McGoldrick
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Homeowners across the borough and the state may see some tax relief, if the State Senate has its way.

On Thursday, March 19, the legislative chamber passed a bipartisan bill that would impose limitations on real property tax levies and cap growth of property taxes at two percent (or the Consumer Price Index, whichever is less).

“On a regular basis, throughout my district and across the five boroughs, people speak to me about the increased cost of property taxes and the effect on their personal family budget,” said State Senator Marty Golden, who helped pass the bill in the Senate.

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The bill (if passed by the Assembly and signed by Governor Andrew Cuomo) “will provide much needed property tax relief to property owners,” according to Golden.

“The city is pricing people out of the market,” agreed State Senator Andrew Lanza of Staten Island. “This bill will make property taxes more affordable for New York City home, co-op and condo owners before we see more ‘For Sale’ signs on front lawns caused in part by the increasing expense that is property tax.”

On the other side of the aisle, State Senator Diane Savino stands in support of the bill.

“When there is an income tax burden pushing families out of New York City such as what we are witnessing now, it’s up to the elected officials who represent those neighborhoods to step up to the plate and discover ways to combat it,” said Savino. “With the passing of this bill, we will be able to ensure that thousands of homeowners are given the property tax reliefs that they rightfully deserve while making sure we keep New Yorkers right here in this great state.”

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