ALBANY – Senator Cathy Young (R,C,I-Olean) says New York’s property tax cap law needs to stay permanent.
With the prospects of the cap expiring, the Olean Republican has launched an online petition to garner support for the Senate Republican Majority’s effort to make the property tax cap permanent.
Implemented just a few short years ago, the property tax cap more-or-less prevents local governments from raising property taxes by more than 2 percent. In order for any tax to exceed the cap, it would require a super-majority vote of the local government’s legislative body.
According to Young, the cap has helped families, seniors and businesses gain a sense of security and consistency in their budget.
A recent report that looked at the decades-long trends of school tax increases estimates that taxpayers in Western New York have saved nearly $450 million and statewide taxpayers have saved $7.6 billion as a result of the property tax cap. Since the cap was implemented, school tax levies in Western New York have increased about 2.4 percent annually, compared to the 5.1 percent annual increase in the 30 years prior.
Last week, Senator Young and her Republican colleagues in the Senate passed legislation that would make the property tax cap permanent.
She’s also asking residents who support a permanent tax cap to sign her petition, located at her website.