State Senate passes bill to cap property tax
The New York State Senate on Tuesday, January 26 passed legislation that would provide serious tax relief to New York City residents and businesses in the form of a property tax cap that would save taxpayers an estimated $4.5 billion by the year 2019.
The bill – S3709A – would place a cap on the growth of property taxes at two percent or the Consumer Price Index, whichever is less.
“Today the State Senate took action to provide real tax relief to the hardworking families of New York City,” said State Senator Marty Golden, who co-sponsored the bill alongside State Senator Andrew Lanza. “This measure would provide the residents of Brooklyn with the property tax relief they deserve and will go a long way towards reducing the cost of living in New York.”