NY Senate passes permanent tax cap

NY Capitol News

FILE- In this Monday, Feb. 26, 2018, file photo, sold signs are displayed in front of a new development in Woodcliff Lake, N.J. Freddie Mac reports on the week’s average U.S. mortgage rates on Thursday, March 8. (AP Photo/Seth Wenig, File)

The New York Senate passed legislation making the property tax cap permanent.

The property tax cap, passed in 2011 and extended in 2015 for four years, prevents increases in real estate taxes from exceeding two percent of the previous assessment or the rate of inflation. 

“I ran for State Senate on the promise that I would fight tirelessly for overburdened and overtaxed Long Islanders. Today I took the first step and introduced vital legislation to make the property tax cap permanent. No more temporary extensions. A permanent tax cap for permanent relief,” Bill Sponsor, Senator Jim Gaughran (D-5th District), said.

The bill now heads to the Assembly for a vote.

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