Makes Property Tax Cap Permanent (S.1207)
MEMORANDUM IN SUPPORT
Unshackle Upstate, a non-partisan, pro-taxpayer, pro-economic growth, education and advocacy coalition made up of business and trade organizations from all parts of Upstate New York, supports this legislation.
This bill would make the state’s real property tax cap permanent by repealing the existing law’s sunset provision.
The bottom line is that high property taxes have long harmed the Upstate economy. They discourage people from moving to Upstate New York, and from investing and starting businesses here, stifling economic growth.
The state’s real property tax cap has forced local governments and school districts to control their spending and to live with the same fiscal discipline that the state’s families and businesses must live with every day. Over the last five years in which the cap has been in effect, taxpayers throughout the state have seen some of the lowest rates of property tax growth in decades. The tax cap has saved taxpayers more than $8 billion since it was first enacted. Moreover, public opinion polls show that an overwhelming majority of New York residents believe that the tax cap is working.
We agree. In order for New York is to become a place where families can afford to live and businesses are able to invest, grow and succeed, the state’s real property tax cap should be made permanent.
For these reasons, Unshackle Upstate supports the enactment of this legislation.