The State of New York is moving closer to passing an annual cap on property tax increases.
There’s just one problem – if you live in New York City you won’t get any relief from this legislation.
The New York State Senate recently approved Governor Cuomo’s 2% property tax cap bill.
Passing this measure is critical to residents of the state during the continuing recession.
If the state assembly follows the senate’s lead and votes this into law, the bill will at least put the brakes on growing property taxes that are presently strangling homeowners and the New York economy.
It’s interesting to note that despite ongoing foreclosures, there is still an ongoing question of whether the state assembly will present this bill for a vote. That’s even more astonishing when you consider that this bill doesn’t really do anything to cut spending and is really more focused on slowing the growth of property tax increases.
It seems no matter how bad the economy becomes, getting government officials to take even basic measures to control spending seems almost impossible. The best proof of that is the fact that New York City residents won’t get any property tax relief if the bill passes.
Why? Because New York City has huge overhead costs that it just can’t seem to bring under control. There is little political will in the city to take on the necessary cost cutting measures in many departments to produce even a flat budget. Choked by union pensions and other obligations, the costs of operating New York City continue to spiral out of control.
So for now, New York City residents will be on the sidelines when it comes to property tax relief – even if the property tax cap passes both houses in the state government. This situation where New York City has no hope of being able to comply with a property tax cap is similar to the present situation with Gary, Indiana.
None of this is going to go over well with city residents because New York City property taxes are going up.
If you live in New York City, there is little hope of any near term property tax relief. Don’t wait for bureaucrats to do something about your property tax bill. Use ValueAppeal to challenge your property tax assessment today.