Push for Cap on Property Taxes Introduced by New York Mayor

New York, like many other cities across the United States, is looking for ways to increase revenue to keep the budget where it needs to be. This can often be in conflict with taxpayers when it comes to property taxes, which is a common place for cities to find the funding they need. New York is currently dealing with a budget deficit, but Governor Andrew Cuomo has put capping property taxes in the state at the top of his list.

New York property taxes rank as being some of the highest in the United States, the cap will be well received by both the New York Senate and the state’s residents. The support for this has crossed party lines, as the economic situation of the nation makes it harder for many to pay any more than they already are. The proposal that Cuomo has put forth limits the raise in the property tax at either two percent or at the amount equal to that of inflation. It is set at whichever condition is the lesser one.

Though this is good news for homeowners, but it may bring financial problems for schools. Many districts within the state are saying that it could adversely affect their budgets, forcing them to cut various programs and possibly to even close some schools. This won’t affect New York City schools as much, but those areas outside of the city may be impacted.

The government is working with the governor to find a solution to these problems. If the measure does go through, communities can override it by having the support of at least sixty percent of the voters in the area. As New York state works to find a solution to the budget crunch and internal problems, the parties seem to be brainstorming together to find a compromise for everyone involved.