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The Business Council strongly supports this legislation that would make the real property tax cap permanent. Under current law, the cap expires on June 15, 2020 and is tied to the extension of New York City rent control.
The Business Council was a long-time advocate for adoption of the cap, and applauded its initial adoption in 2011. The cap was one of the most significant early policy successes of Governor Cuomo, and reflected a multi-year effort by many members of the state legislature.
The real property cap has been a great success, providing more than $7 billion in tax relief to New York property owners, including more than $1 billion to business taxpayers. For many if not most business, the real property tax is the largest category of tax they pay.
This legislation has provided major tax relief to residential and business taxpayers alike, and has instilled a greater sense of fiscal discipline on municipal governments. We believe that the benefits of the cap should be assured by making the cap permanent, and not subject to periodic sunsets and political gamesmanship.
For these reasons, The Business Council strongly supports adoption of S.1207.