Cuomo Launches Property Tax Cap Plan for New York
NEW YORK- Governor Andrew M. Cuomo launched the “No Tax Cap – No Deal!” campaign to make the property tax cap permanent. Members of the New York Congressional Delegation joined the Governor in calling for middle class tax relief in this year’s budget. Earlier this week, the Governor vowed that he will not sign a budget without the permanent property tax included while outlining his remaining budget priorities.
“The highest tax in the state is the property tax and it is a killer,” Governor Cuomo said. “We want to reduce economic pressure on families by making sure government is not aggravating the problem with increased expenses. We’re going to cut your state income tax and we’re going to cap your property taxes so you know it’s not going higher than 2 percent. And I will tell you this as sure as I am before you today: if we do not have the permanent property tax cap in that state budget, this hand will never sign that state budget until it’s in there.”
Congressman Eliot Engel said, “The GOP Tax Scam has created an unfair burden on New York tax payers, who have been made to foot the bill for the President’s corporate tax cuts. While I’m working to repeal the limits on SALT deductions in Washington, we must consider other ways to help residents at the state level. Allowing the property tax cap to expire would compound the pain for many homeowners at an already difficult time. An extension that keeps in mind the needs of our local municipalities and schools is favorable.”
Congresswoman Nita M. Lowey said, “As President Trump yet again takes aim at the middle class through his budget request, I am proud to continue to work with Governor Cuomo to strengthen working families and provide economic relief to New Yorkers. While Governor Cuomo is leading the fight to make permanent the property tax cap, I and others in the New York delegation in Congress are fighting to restore the SALT deduction and for tax fairness for New Yorkers.”
Congressman Hakeem Jeffries said, “Over the past six years, the property tax cap has saved hardworking New Yorkers over $24 billion. Until now, that critical security blanket has been temporary. The time has come to protect taxpayers by making the cap permanent. Governor Cuomo should be thanked for his commitment and leadership in this regard.”
Congressman Sean Patrick Maloney said, “Last year Republicans in Congress passed a tax scheme that took money out of the pockets of middle class families in New York to give even more breaks to millionaires and billionaires. While we still need to repeal that ridiculous plan, I truly appreciate Governor Cuomo fighting to reduce the damage done by making the property tax cap permanent.”
Congressman John Katko said, “Year after year, homeowners in Central New York pay some of the highest property taxes in the nation. We need to give taxpayers long-term certainty, and making the property tax cap permanent will do just that. High property taxes have burdened economic growth in our state for far too long, and I support these efforts to achieve meaningful tax relief.”
Congressman Tom Suozzi said, “The hard working families of New York State, who have already been hit by the unjust capping of the state and local tax (SALT) deduction, are clamoring for a permanent property tax cap. The certainty of a permanent tax cap will give millions of homeowners the relief and peace of mind they need to stay in New York. I have advocated for the property tax cap since 2006 and when I served as Chairman of the New York State Commission on Property Tax Relief. No one knows better than Governor Cuomo, who first passed the property tax cap, how important this legislation is. If anyone can deliver New Yorkers a permanent property tax cap it is Andrew Cuomo and I support his effort 100%.”
In 2011, Governor Cuomo vowed to bring property taxes under control once and for all. After years of trying to cap property taxes, New York passed the first ever 2% property tax cap. Since the implementation of the tax cap in 2012, local property tax growth has averaged 1.9%, compared to 5.3% average growth from 2000 to 2010, and the tax cap has produced approximately $24.4 billion in taxpayer savings statewide.
To illustrate the benefits of a permanent property tax cap, last month Governor Cuomo unveiled a digital tax calculator to showcase estimates of how much taxpayers have saved under the property tax cap and will continue to save over the next 10 years with a permanent property tax cap.