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.”
“The cost of living for middle class homeowners is too high as a result of property taxes and a myriad of other taxes and fees imposed upon them by New York City,” said Lanza. “The five boroughs are tapped out. This legislation will put an end to out-of-control tax increases that are being forced upon us. New York City government needs to live within its means in the same way families are forced to do.”
Furthermore, the bill would limit future tax increases, thereby saving taxpayers money, creating jobs, encouraging affordable and supportive housing construction, and giving more financial security to small businesses and residents on fixed incomes.
The bill has been sent to the Assembly.