Permanent Property Tax Cap For State Budget
Governor Andrew Cuomo made a visit to the Hicksville Community Center last Wednesday to discuss his “No Tax Cap, No Deal!” campaign, in which he will make the property tax cap permanent in New York State. Cuomo previously vowed not to sign a budget that does not include the permanent tax cap. On hand to support Cuomo were Nassau County Executive Laura Curran, Suffolk County Executive Steven Bellone and Town of Oyster Bay Supervisor Joseph Saladino.
As spring brings about talks of budgets and taxes everywhere from family residences to school districts, the state, too, is preparing its budget for the upcoming year.
“The budget sounds like it’s just a budget, but it’s actually the single most important thing the state does during the course of the year,” said Cuomo, noting the unstable economy and the anxiety and nervousness it instills among people and business owners. “It’s very important that we get it right.”
Cuomo continued to discuss how those who live on Long Island choose to do so because of its exceptional school districts, proximity to beaches and New York City and the limitless array of things to do. However, Long Island is increasingly more expensive to live on, and wages are not rising along with the cost of living.
“The cost of living on Long Island is even higher than the national average,” Cuomo said. “So, yes, there is real economic pressure. What do we want to do? We want to reduce that pressure.”
In an effort to reduce “pressure,” Cuomo proposed bringing fiscal restraint to the government by locking in the tax cap at 2 percent, which he stated was “roughly the cost of inflation.”
“I want to make the property tax cap now permanent because I want to be able to say to homeowners, to businesses, feel confident,” he proposed. “This government is working with you and we’re not going to increase your taxes.”
Cuomo also proposed reducing the tax rate for the middle class. According to the governor, with an annual income of up to $150,000, the state income tax rate is 6.8 percent. Cuomo seeks to reduce that percentage to 5.5 percent. Those who make up to $300,000 would see a state income tax rate decrease from 6.8 percent down to 6 percent.
“We’re capping the property taxes at 2 percent, and we’re actually going to reduce your state income tax rate,” he explained. “That’s what’s in this state budget, and that’s what is vital. And that’s what I need your help to pass. If we do not have the permanent property tax cap in that state budget, this hand will never sign that state budget.”