New York's Property Tax Cap Will Become Permanent

The state Senate has approved legislation that would make the state's property-tax cap permanent. The proposal has the support of Governor Cuomo and now goes to the Assembly. 

The cap was approved in 2011 but is set to expire next year. It is credited with holding down increases in the state's high property taxes. 

A report by SUNY's Rockefeller Institute of Government shows the cap has held school tax increases to under 2 percent annually.

Figure 1. Average Annual School Property Tax Increases

Figure 2. Percentage of School Budgets Passed on First Vote, 2004-18