Property taxes in New York grew by an average of 2 percent in the first year since a law capping them passed, according to a new report from the governor’s office.
The state’s property tax cap law passed in June of 2011. In most cases, it limits increases in local property taxes and school property taxes to 2 percent per year — or the rate of inflation, if it is lower than 2 percent.
School districts can pass higher property tax hikes with approval from 60 percent of district voters. Counties, cities, towns, villages, and special districts can pass higher tax increases if 60 percent of their governing bodies vote to do so.
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However, 84 percent of local governments and school districts held their taxes within the capped amount during the last year, the governor’s report said. Of 678 school districts, 642 stayed within the cap, a rate of 95 percent. Of 2,399 local governments, 1,944 proposed levies within the cap, a rate of 81 percent.
“For years, out-of-control spending drove property taxes higher and higher, forcing families and businesses out of our state,” said Gov. Andrew Cuomo, who pushed for the tax cap legislation last year, in a news release. “One year later, it is clear that the property tax cap has been a tremendous success, saving hard-earned money for New York families while ensuring that local governments learn to do more with less.”
The 2-percent average growth in property taxes is 40 percent less than the state’s previous 10-year average, the report said.
Contact Seltzer at rseltzer@cnybj.com
