Property Tax Cap Enacted

June 29, 2011


New NYS legislation establishes a limit on property tax increases at 2% per year, or the rate of inflation, whichever is lower. School districts will only be permitted to exceed the cap if 60% of voters in that district vote in favor of such a measure. This new property tax cap is to take effect for the 2012 fiscal year and sunset in 2016. Many hope that this new law will reduce the burden on Long Island homeowners, who pay one of the highest property tax rates in the nation.







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