"Our message to property owners who have struggled under the burden of soaring taxes is simple," said Speaker Silver (D-Manhattan). "Hard working families are saddled with some of the highest property taxes in the nation and need real relief in order to be able to live and raise their children in New York State. Just as families have to live within a budget, so too should our government. With this legislation, we are finally able to bring property taxes under control and still provide critical services."
The Assembly's proposal is realistically grounded and includes important safeguards for local communities in order to encourage growth and give them the ability to deliver critical services. Specifically, the bill (A.7916, Silver) would:
The measure would maintain existing statewide budget timelines for school districts and requires a 60 percent voter approval to override the levy. If the budget is rejected, the school district may resubmit for another vote or adopt a zero tax levy growth budget. School districts would be required to adopt a zero tax levy growth budget if the proposal is twice rejected by voters.
"This property tax cap proposal is designed to save money for the working families across the state struggling during these difficult economic times, while ensuring that our school districts and local governments are not denied the ability to deliver critical services," said Silver (D-Manhattan). "This model will allow for adequate growth, without shortchanging our schools and communities."
The tax cap would take effect for the 2012 fiscal year for local governments and the 2012-2013 school budget year and includes a sunset provision that would coincide with provisions related to rent stabilization in order to determine if the legislation is working as intended.