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Two Percent Property Tax Cap Signed into Law in New York State

Thursday, June 30, 2011

New York Governor Andrew Cuomo signed the state's first-ever property tax cap into law on Thursday.

The law means property taxes cannot rise more than 2 percent a year, or at the rate of inflation, depending on which is less. The governor's office said certain expenses, like specific increases in tax levies and pension costs, would not be counted as part of the increase.

Wayne Hall, mayor of the Incorporated Village of Hempstead, in Nassau County, Long Island, is among those who thinks the cap won't bring relief.

"It's a good thing for the residents, but not for the officials that gotta run the village, only because there is so many other unfunded mandates," he said.

The governor's office said Nassau County's median property tax bill is more than $8,000 per household — the highest in the nation. Localities can still raise their taxes above the cap, but would require a super-majority of voters or local council to do so.

According to village statistics, Hempstead is home to an estimated 49,000 people.

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