Measure has been temporary for past six years
Governor Andrew Cuomo has called on the state legislature to approve a permanent cap on local property taxes. This policy has been temporarily in effect for six years, and limits property tax growth to two percent or the rate of inflation.
Why it matters: Homeowners in 52 of the state’s 62 counties pay average property taxes above the $10,000 limit they are allowed to deduct off their federal income taxes under the new tax law, according to Bloomberg.
Heard in Albany: “When they say New York is a high-tax state they’re talking about the property tax, not the income tax… We did it six years. The sky is not falling. You can exercise fiscal discipline and restraint and survive.”