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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.

 

 

 

 

 

 

Prior results do not guarantee a similar outcome. All information posted is general advice only, based upon the rules of NYS, and is not intended to be a substitute for personal legal advice. Although information provided here was accurate as of the date of posting, laws change frequently and rules in other jurisdictions may differ. Therefore, readers should not rely upon these postings but should consult an attorney to discuss their specific factual situation.

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