State Senate moves to curb city’s ability to raise property taxes
A bi-partisan group of state senators successfully pushed for passage of a bill that would force New York City to cap property tax increases at two percent a year, a move that supporters said would help homeowners get a better handle on their household budgets.
Brooklyn senators Marty Golden (R-C-Bay Ridge-Southwest Brooklyn), Diane Savino (D-Coney Island-Bensonhurst-Staten Island) and Simcha Felder (D-Borough Park-Midwood) all signed on to the proposed legislation sponsored by state Sen. Andrew Lanza (R-Staten Island). State Sen. Tony Avella (D-Queens) also voted for the bill.
The bill was approved by the State Senate on March 19.
Lanza’s bill seeks to establish limitations on real property tax levies in New York City by placing a cap on the growth of property taxes at two percent, or capping it at the level of the Consumer Price Index (CPI), whichever is less.