ALBANY - The Democratic-controlled state Assembly today released its plan to cap the growth of property taxes at 2 percent a year.
As News 12 Long Island has reported, the state Senate signed off on Gov. Andrew Cuomo's (D-N.Y.) property tax cap proposal back in January, but it has become bogged down in the Assembly.
The new bill presented today by Assembly Speaker Sheldon Silver would add some exceptions for costs to be excluded from the cap, but its basic elements are similar to the legislation passed by the Senate.
The Assembly measure would exempt pension payments over 2 percent from the previous year and require 60 percent of voters to override the capped school tax levy. Also, the bill would allow for added costs if the tax base grows with more residents or businesses.
State Senate Majority Leader Dean Skelos (R-Rockville Centre) issued a statement saying lawmakers have "reached a three-way agreement" that includes 95 percent of the bill that was passed earlier.