Say Regular Hikes Hurting Residents
Legislation introduced by State Senators Tony Avella and Andrew Lanza that would place a two-percent cap on property taxes in New York City successfully passed the Cities committee last Tuesday, Apr. 23, with bipartisan support.
As described, the legislation would control property tax rates by limiting the amount by which the City of New York may increase property taxes each year.
New York property taxes are reportedly among the highest taxes in the nation. Combined with state and local taxes, Avella stated, New York has the second highest property taxes in the nation.
The median U.S. property tax paid is $1,917 and in New York it is $3,755-96 percent higher than the national median. Moreover, New York has the highest local taxes in America as a percentage of personal income-79 percent above the national average.
This bill would limit New York City’s ability to raise property levies, up to two percent and will relieve taxpayers from unexpected high property tax increases, Avella stated.
“I adamantly fought against property tax hikes during my tenure in the City Council, voting against the two property tax increases,” he added. “Every year, due to ever increasing assessments, property taxes are increased and more and more homeowners, especially seniors are uncertain if they can afford to pay the property tax and keep a roof over their head at the same time. When Gov. [Andrew] Cuomo introduced legislation, which was passed two years ago, to apply a two-percent property tax cap in New York State, I voted against the legislation because it did not include New York City.”
“I am pleased that this legislation is one step closer to fruition by passing the Cities Committee with bipartisan support,” Avella concluded.
